In 1Q26, multifamily occupancy increased by 0.1% QoQ to 94.9% as demand outpaced supply by approximately 18,000 units.1 During the quarter, just under 93,300 units were absorbed while just over 75,200 units were delivered. Annual supply growth has also fallen significantly since peaking at nearly 590,000 units in late 2024 and only 367,000 units were delivered in the annual period ending in 1Q26, which is more consistent with the 10-year average for new supply. However, while deliveries have fallen over the last twelve months, supply has also exceeded demand by approximately 63,000 units and occupancy has fallen by .20%. Regionally, occupancy rates in 1Q26 were highest in the Northeast (96.2%), followed by the Midwest (95.7%), West (95.2%) and South (94.0%).

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Research contact:
Debo Ayeni

Research sponsored by ABR Capital Partners