1、Page 1U.S.Multifamily market report|Q4 2024U.S.multifamily market reportQ4 2024Page 2U.S.Multifamily market report|Q4 2024Multifamily demand remained strong through the fourth quarter of 2024,driving absorption rates to levels comparable to the all-time highs of 2021.In 2024,absorption levels were 6

2、7.1%higher than annual averages seen between 2015 and 2019.Absorption continued to increase across every major U.S.market,particularly in the Sunbelt where population growth continues to drive occupancy gains.Meanwhile,rents in major markets are rising again,with Silicon Valley and San Francisco lea

3、ding at 3%effective rent growth year over yearfrom the fourth quarter of 2023.Multifamily remains the favored product,accounting for 34.7%of total investment activity since 2023,outpacing industrial sales by almost 20%.30.8%of the top MSAs saw investment volumes increase 40%or more over during the s

4、ame period.increase in multifamily absorption between 2023 and 2024of major multifamily markets had absorption as percentage of inventory increase by 3%in 2024of top multifamily markets saw investment sales activity increase between 2023 and 202473.1%62.1%+72.9%U.S.multifamily market trendsPage 3U.S

5、.Multifamily market report|Q4 2024Lets examine prevailing multifamily trends.U.S.multifamily conditionsPage 4U.S.Multifamily market report|Q4 2024Multifamily absorption and mortgage rates 171,108 147,428 180,230 208,042 191,498 167,476 385,955 98,045 171,597 296,735 6.7%0%1%2%3%4%5%6%7%8%050,000100,

6、000150,000200,000250,000300,000350,000400,000450,0002015201620172018201920202021202220232024Units absorption30-year mortgage interest ratesSource:AVANT by Avison Young,Freddie MacMultifamily demand remained strong through the fourth quarter of 2024,driving absorption rates to levels comparable to th