Northspyre Blog | Commercial Real Estate Technology

The Multifamily Market Finally Shows Signs of Recovery

The multifamily market is undeniably the darling of the commercial real estate sector. Through the turbulence of the post-pandemic era, multifamily has outperformed other asset classes, with 95% occupancy and 4% rent growth in 2023. Still, the sector has also experienced its fair share of dislocation. Investment volumes fell 60% last year, new construction starts were down 70% from the 2022 peak, and cap rates have grown 100 basis points as pricing adjusts to higher interest rates. The...