Berkadia anticipates that 2024 will have the highest number of deliveries in this cycle with 283,653 units already delivered in the first half of the year. By year-end, 629,153 new units are expected to hit the market. Berkadia expects net absorption of 612,115 units by year-end, equivalent to 97.3 percent of the new supply. This will result in the current occupancy rate of 94.2 percent rising slightly by the end of the year.
Lease renewals performed better with average rent growth of 4.1 percent in Q2, with 54.3 percent of renters choosing to renew their leases. This renewal rate is up from the pre-pandemic average of 51.7 percent.
The following table gives the mid-year sales statistics for the last 3 years as reported by Berkadia.
| Statistic | 2022 | 2023 | 2024 |
| Volume – billions | $59.3 | $14.6 | $18.4 |
| Transactions | 738 | 184 | 239 |
| Average rent | $1,736 | $1,809 | $1,828 |
| Cap rate | 4.0 | 5.2 | 5.6 |
| Units/property | 303 | 318 | 304 |
| Average Year Built | 2000 | 1999 | 2000 |
Multifamily Market News 