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Heavy supply continues to weigh down asking rents in pandemic boomtowns. But many midsize markets in the Midwest, Northeast and South are still experiencing strong growth.
The year-end decline in multifamily construction starts persisted in Q1 2024. However, elevated completion times drove a slight expansion in the number of units under construction at the end of the first quarter. The sizeable under-construction pipeline will deliver a high level of completions in 2024 and 2025, with new supply bottoming in 2026.
Street rate growth for RV and boat storage units was roughly flat, down -0.2% year-over-year in February, with some markets posting rent growth. The supply pipeline remains active but is starting to show signs of a reprieve.
Student Housing National Outlook
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