• The U.S. economy continued to expand at a solid pace in Q1 2017. Employment rose by a respectable 533,000 jobs (averaging 178,000 per month) and brought the unemployment rate down to 4.5%.
  • Net absorption of multifamily units totaled 30,500 for the quarter and 208,700 for the year ending Q1 2017, reflecting sustained favorable multifamily demand.
  • Multifamily completions totaled 44,600 units in Q1, slightly ahead (2.9%) of the prior year.
  • The overall multifamily vacancy rate was unchanged in Q1 at 4.9%, but up modestly (20 basis points) year-over-year.
  • Overall, Q1’s average national rent level registered no change compared with 4.1% growth a year ago, but there was a wide variation among and within markets.
  • Multifamily acquisitions activity cooled in Q1, totaling $26.0 billion and reflecting a 35.4% decline from the prior year.