Market Intelligence: Q1 U.S. Multifamily Update & 2023 Outlook
Now Available On Demand
After two years of unprecedented performance, the nation’s multifamily housing space has finally begun to cool from record levels.
A freeze in new household formation resulted in a sharp slowdown in new lease activity. Renewal propensity remains high, but are renewals starting to indicate residents doubling up? Rent growth remains above historic norms, but are new lease rents and renewal rents starting to see changes as loss-to-lease normalizes?
Moving forward, there are lots of questions that loom large. A 40-year supply peak is delivering over the next 12 to 18 months, which creates questions about absorption capacity within the luxury product segment. Also, political pressures remain a key focal point for long-term industry trends. Although demographic trends remain favorable, 2023 brings with it a lot of potential change.
Join RealPage® experts Jay Parsons and Carl Whitaker as they kick off the New Year with a lively discussion on the nation's apartment market outlook for 2023.
Jay Parsons serves as Senior Vice President, Chief Economist for RealPage, leading the Economist and Industry Principal teams to provide deep insights on market trends and consumer behaviors. He is a frequent author and industry speaker on topics affecting multifamily apartments and single-family rentals, including rental housing investment and asset management strategy, rental housing policy issues, risk mitigation and property management.
Jay has been cited in The Wall Street Journal, Bloomberg, The Financial Times, The Economist, and The New York Times, and he has appeared on CNBC and BloombergTV. His commentaries have been published by Barron's, the Pension Real Estate Association, the Mortgage Bankers Association, the National Apartment Association, American Banker and GlobeSt.
Carl WhitakerDirector of Research & Analysis, Market Analytics, RealPage, Inc.
Carl Whitaker is a Real Estate Economist with RealPage’s Data Analytics division. At RealPage, Carl has specialized in creating industry presentations, market and submarket trend reports and crafting ways in which data can be more easily consumed and leveraged by clients. Carl holds degrees from the University of North Texas, including a Master of Science in Applied Geography.