U.S. Multifamily Gains Momentum in Q2 2026 as Absorption Surges
The U.S. multifamily market gained momentum in the second quarter of 2026 as apartment demand accelerated and new construction continued to moderate, CBRE said Wednesday. Net absorption of 167,500 units nearly doubled the Q1 tally, while the national multifamily vacancy rate declined by 50 basis points quarter-over quarter to 4.3%, below its long-term average of approximately 5.0%.
New supply growth continued to ease, with 77,700 units delivered in Q2 2026, a 14% decrease from a year earlier. Average monthly rent rose 0.5% year-over-year and 1.5% quarter-over-quarter to $2,257 in Q2 2026.
Multifamily investment volume totaled $34.9 billion in Q2 2026, down 2.7% from a year earlier. Even so, the multifamily sector remained the largest property sector for commercial real estate investment during the quarter, accounting for 27% of total volume.
“The supply wave in the U.S. multifamily sector is cresting, with deliveries down 14% year-over-year and absorption nearly doubling quarter-over-quarter,” said Kelli Carhart, head of multifamily capital markets for CBRE. “Multifamily is positioned for its strongest rent recovery since 2022.”
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