Marcus & Millichap: Multifamily Market Rebounds in Early 2024 with Rent Gains and Low Vacancy
• Marcus & Millichap published a report on institutional multifamily market performance in early 2024 • Nationally, average monthly apartment rents increased $6 so far in 2024, reversing declines seen in late 2023 • National multifamily vacancy held steady at 5.9% to start 2024 despite new supply deliveries • Bay Area, Chicago, Seattle, Washington D.C. and Nashville markets showed positive momentum • Marcus & Millichap closed over 7,500 transactions in 2023 worth $43.6 billion in sales volume