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Multifamily demand rises to 124,600 units in Q2 as rents ease
Second quarter net absorption totaled 124,600 units nationally, and vacancy fell to 8.9% for the first time since 2024.
Multifamily apartment demand strengthened in the second quarter, with national net absorption reaching 124,600 units, up 8% year over year, according to Bisnow citing a Cushman and Wakefield report. The figure marked the fifth-highest quarterly total in nearly 25 years, even as median asking rents continued to decline.
Cushman and Wakefield data also showed vacancy dropping below 9% for the first time since 2024, falling 35 basis points quarter over quarter to 8.9%. Bisnow noted that renters have held up despite macroeconomic headwinds including muted job growth, slow immigration and moderate population growth.
The report said absorption of about 362,000 units on a trailing four-quarter basis exceeded deliveries of about 358,000 units for the first time since early 2022. In the first half of 2026, Sun Belt markets led, with Dallas Fort Worth topping the group at 18,600 units absorbed, followed by Phoenix, Atlanta and Austin.
Rents, however, remain under pressure, with the median asking rent in the 50 largest metros at about $1,700, roughly 4% below its summer 2022 peak and about 16% above pre-pandemic levels, based on Realtor.com data cited by Bisnow. Realtor.com also reported that the national median asking rent fell about 1.5% versus a year ago, studio asking rents dropped 2.2% year over year, and permitting in some cities hit the lowest levels since 2019, including 1.6 new units per 1,000 residents in New York City in 2025 and 1.1 in Boston.