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Apartment demand surpassed new supply for the first time since early 2022

Cushman & Wakefield said net absorption reached 124,600 units in Q2, with vacancy dropping to 8.9% after falling 35 basis points quarter over quarter.

Reported · Written up by our desk · Residential

Apartment demand in the United States outpaced new supply for the first time since early 2022, according to Cushman & Wakefield’s second-quarter 2026 U.S. Multifamily MarketBeat.

The report said national apartment vacancy fell below 9% for the first time since 2024, reaching 8.9%. Vacancy declined 35 basis points quarter over quarter, while construction activity continued to retreat in Q2.

Cushman & Wakefield also reported net absorption of 124,600 units during Q2, described as the fifth-highest quarterly total in nearly 25 years, and an 8.0% year-over-year increase.

The firm said trailing four-quarter absorption totaled about 362,000 units versus roughly 358,000 units delivered, and characterized the shift as the apartment market moving away from being driven by new supply pressures as the pipeline thins.

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