On May 26, Jason went live and went over statistics from Quarter 1 2022 covered in the CBRE Q1 Multifamily Market Fundamentals.
Some main points that Jason covered:
In Quarter 1 of 2022, the multifamily market has set a record four-quarter absorption total of 695,100 units. For the quarter, absorption totaled 96,500 units (the highest Q1 total since 2000).
The overall national vacancy rate fell by 20 basis points quarter over quarter and 2.5 percentage points year over year to a record low 2.3%
The average net effective rent increased by 15.5% year-over-year to $2,007 per month. Average rents now exceed their pre-pandemic levels in all but two of the 69 markets tracked by CBRE (San Francisco and San Jose).
New construction deliveries of 6,400 units in Q1 brought the four-quarter total to 292,500 - the highest amount since 1987. With more than 400,000 units currently under construction, 2022 deliveries are expected to surpass 2021 levels.
Multifamily investments volume in Q1 increased by 56% year over year to $63 billion - the strongest first quarter on record.
The narrative remains positive that investment into the Multifamily space will continue to be strong pushing forward through 2022.
We have also posted the recording of the webinar to our YouTube Channel! Make sure you go watch, like, and subscribe.
Click here to view the full report.