Matrix Bulletin-Multifamily Forecast-January 2024
Matrix’s latest report shows a record supply of multihousing expected this year which should cause rents to continue to soften, but there are a couple of caveats. For one, absorption is still strong, showing that demand for more housing continues despite the building boom. Also, most of the new units are in Class A (top-end) projects, so that sector will see the slowest growth while rents won’t lag as much in workforce and renter-by-necessity growth. Another factor to note is that most markets have a wide spread between in-place rents and asking rents, but that will compress as increases slim down.
