Northspyre Blog

The Multifamily Market Finally Shows Signs of Recovery

The multifamily market is undeniably the darling of the commercial real estate sector. Through the turbulence of the post-pandemic era, multifamily has outperformed other asset classes, with 95% occupancy and 4% rent growth in 2023. Still, the sector has also experienced its fair share of dislocation. Investment volumes fell 60% last year, new construction starts were down 70% from the 2022 peak, and cap rates have grown 100 basis points as pricing adjusts to higher interest rates. The...