a tepid year in 2022<\/strong><\/a>, affected by national and global events and will likely remain sensitive to upcoming shifts in the economy. The multifamily market is cooling down after a remarkable run, responding to record supply additions and tempering in-migration, which diluted demand. Consequently, rents declined 0.4% on a trailing three-month basis through November, faster than the 0.1% U.S. rate, and occupancy lost 160 basis points in the 12 months ending in October, decreasing to 94.3%.<\/p>\n