Chart of The Week – October 1st 2023

While declines in net effective rent and occupancy have garnered most headlines in multifamily, demand is quietly holding its own at the national level. Year-to-date, traffic nationwide is up roughly 19%. Some markets have seen even stronger growth thus far in 2023. Salt Lake City, Minneapolis and New York lead all markets as traffic is up more than 50% from the beginning of the year. While the fourth quarter is traditionally the slowest time of year for traffic, these markets are maintaining strength. On a year-over-year basis traffic remains slightly positive nationwide, and in a number of top performing traffic markets.