The multifamily sector will soon set a record for new construction, with more than 77,000 units delivering in the third quarter, adding to the 200,000-plus units delivered in the prior four quarters, including many still in the lease-up stage. The wave of supply is putting upward pressure on vacancies, which increased by 10 basis points in the second quarter, to 5.5 percent. While this is still low by historical standards, the pressure on the market will only build in the coming quarters. It ...
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