Chart Of The Week – January 15th 2024
Chart of the Week – January 15th 2024
Concessions are on the rise and have been for the past six months. At the national level, concessions held firm in early 2023, around 1.5% of rent for stabilized properties. However as more new supply was delivered, concessions began increasing and nationwide the average concession represents about 2.5% of rent. In high supply markets and at lease up properties, concessions are significantly higher, with some properties offering two to three months free.
Markets with weak demand have also seen concessions rise as San Francisco and San Jose are among the leading markets for concessions both on an absolute dollar value basis and a percentage of rent basis.
Check out the Radix concessions and concession index data for more details from the unit mix level to the national level!
Insights from Radix: 2023 Multifamily Industry Review & 2024 Outlook
Radix’s “2023 Year in Review and 2024 Outlook” report provides a crucial analysis of last year’s multifamily industry trends, including the housing supply surge and its market impacts, as well as significant migration trends. Anticipating 2024’s market dynamics, this essential resource, available in an interactive format, is key for strategic planning in the multifamily sector.
Read the full report here for comprehensive insights and forecasts for the upcoming year.
Research is a powerful solution for benchmarking and evaluating the performance of live properties and portfolios at submarket, market, and national levels. With access to a wide range of data analytics, Radix Research offers the most comprehensive, timely, and leading data, streamlining the research process for all stakeholders.
To find out more check our Radix Research page.