U.S. Market Overview
During the third quarter of 2019, the U.S. multifamily market recorded absorption of 113,413 units according to data from RealPage, over 40% of the year-to-date total of 273,742 units. This strong level of demand pushed the overall occupancy rate up 40 basis points (bps) to 96.3%, the highest level in nearly 20 years. Contributing to this increase, quarterly demand outpaced supply by 42,000 units and new supply of 251,993 units over the past 12 months has also not kept pace with demand. Fearing a glut of new supply last year, especially in the luxury sector, developers scaled back new projects resulting in the lowest number of deliveries in the past five years.