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Corporate Finance
Moreover, despite a near-record number of apartments built last year, the limited supply from new deliveries coming on-line in 2024–25 is expected to cause rental rates to surge across the metro area. Apartment deliveries are forecasted to fall by more than two-thirds next year, according to Maxfield Research. That puts upward pressure on rents in much of the metro and on average, rents have already increased 4.4% since last year. Despite a record number of units coming online in 2023, the overall vacancy rate of 5.3% has remained unchanged from the previous year.
What should investors take away from this? The time to invest is now! With a limited supply of new apartments coming and strong absorption of existing units, rents are expected to continue rising, leading to positive investor returns.
With supply constraints expected in the near future, we foresee strong occupancy rates and rental prices continuing an upward trend. The persistent demand for multifamily properties shows no signs of waning leading to continued stability and growth in the multifamily sector. This ongoing demand offers an enticing opportunity for investors seeking promising returns.