The outlook for multifamily real estate continues to be largely positive for the rest of 2024, even as interest rates remain high.
Nationwide, asking rents are expected to grow 2% this year, with vacancies remaining at 5.6%, according to data from Moody’s CRE. But real estate is a local game. Our experts shared multifamily trends, forecasts and opportunities to keep an eye on in top apartment markets across the country.
Northeast
New York
How to describe New York’s multifamily market in a word? “Resilient,” said Brooke Richartz, Senior Regional Sales Manager at Chase. Transactions began to pick up in the first quarter, and the market’s fundamentals are steady headed into the second half of 2024.
Central
Chicago
The Chicago multifamily market is seeing steady, stable performance heading into the second half of 2024, with “healthy” property value preservation, said Matt Felsot, Senior Regional Sales Manager at Chase.
West
Los Angeles
The Los Angeles market is expected to gain more than 28,000 new units by the end of next year, according to Moody’s CRE. And the outlook remains strong—particularly for workforce housing, said Lynnette Antosh and Matthew Krasinski, Senior Regional Sales Managers at Chase.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.
