Absorption rates have notably risen from 118,000 units in the first quarter to 166,000 in the second. However, 189,000 new units were delivered, leading to a slight increase in the vacancy rate to 7.9 percent by the end of the second quarter, up from a low of 4.8 percent in the third quarter of 2021. The vacancy rate is anticipated to peak at 8.1 percent in early 2025 before declining.
Source: YieldPro
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