Marcus & Millichap Publishes Institutional Multifamily Market Intelligence Report
March 21 2024 - 2:35PM
Business Wire
Marcus & Millichap (NYSE:MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced today it has released its
Markets with Momentum report. The report cites key national
multifamily performance statistics from February on rent growth,
lease renewals, and vacancy. Five select markets with significant
momentum are highlighted.
“While markets that registered the most performance momentum
early this year are mostly in areas where solid results were
anticipated, a handful of markets showed unexpected performance
momentum in early 2024,” said John Sebree, national director of
Multi Housing Division, Marcus & Millichap and IPA.
Highlights of the report include:
- Nationally, average monthly apartment rents have climbed $6 so
far in 2024. This small improvement reverses the trend of mild rent
cuts seen during the last half of 2023.
- Vacancy in the nation is holding steady with the end-of-2023
performance at 5.9%, an encouraging result given the big block of
product completed in what is normally a slow leasing period.
- Select metros with significant momentum so far in 2024 are the
San Francisco Bay Area, Chicago, Seattle-Tacoma, and Washington,
D.C. Metro Nashville is also noteworthy in that pricing is inching
up in the face of one of the country’s most aggressive delivery
volumes.
“In a particularly encouraging result, national vacancy among
stabilized Class A communities was unchanged during the first two
months of 2024, even when sizable rent concessions were offered at
the newest luxury properties still going through the initial
lease-up process,” said Greg Willett, national director, research
services, IPA.
Access Marcus & Millichap’s Institutional Multifamily Market
Intelligence Report here.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2023, the company had 1,783
investment sales and financing professionals in over 80 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information, please
visit www.MarcusMillichap.com.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com 510-999-1284
Marcus and Millichap (NYSE:MMI)
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