Multifamily real estate continues to have a largely positive outlook 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 commercial real estate professionals shared multifamily trends, forecasts and opportunities to track in top apartment markets across the country.
Northeast
Boston
Boston multifamily may have faced headwinds in recent years, but its dynamic workforce supports sustained demand for apartments. Robert Keenan, Regional Sales Manager at Chase, shared trends and opportunities for multifamily investors to watch in the second half of 2024.
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 strong headed into the second half of 2024.
Washington, D.C.
Transactions have slowed in D.C.’s multifamily market, but investors are still finding opportunities, said James Tenret, Senior Regional Sales Manager at Chase. He shared D.C. trends to watch, including why relatively affordable multifamily properties are “virtually irreplaceable.”
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.
Minneapolis
Minneapolis has gained more than 20,000 new apartment units over the past two years, but trends suggest demand is keeping up with surging supply in most areas, said Matt Felsot, Senior Regional Sales Manager at Chase.
West
Los Angeles
Los Angeles 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.
Orange County
Orange County’s lifestyle and proximity to Los Angeles continue to support solid multifamily market performance. In particular, more affordable properties are in demand with exceptionally tight vacancies.
Portland
Portland’s multifamily market continues to benefit from a growing population and a young, educated workforce. Sara Rosumny, Client Manager at Chase, shared trends and opportunities for Portland investors to watch in the second half of the year.
Sacramento
Sacramento’s multifamily market has maintained tight vacancies despite a significant increase in new construction. With an end to the supply boom in sight, John Welch, Client Manager at Chase, shares what Sacramento investors can expect ahead.
San Diego
The San Diego multifamily market is seeing strong, stable performance heading into the second half of 2024. Antosh and Krasinski shared trends and opportunities for multifamily investors to watch—including why ADUs can be attractive.
San Francisco
Multifamily transactions are starting to pick up in San Francisco, despite elevated interest rates. David Diggs, Senior Regional Sales Manager at Chase, shares why that’s an encouraging trend for San Francisco multifamily.
Seattle
Transactions have slowed in Seattle, but the multifamily market has strong fundamentals and investors are still finding opportunities, said Robert McGrouther, Client Manager at Chase. He shared Seattle trends to watch, including an expected ease in new construction.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.
