Multifamily vacancy rate in the U.S. 2010-2023, per quarter

The U.S. multifamily vacancy rate increased slightly in 2023, after reaching one of the lowest levels on record in 2022. Approximately 6.6 percent of multifamily homes were vacant in the fourth quarter of 2023. Despite the increase, this figure was notably lower than the long-term historical average. 

U.S. multifamily housing sector

Multifamily housing, refers to a housing type where multiple apartments are contained within one housing unit, or when several buildings form a larger complex. Construction of such houses has been on the rise, as the industry struggles to meet housing demand. The average size of such a housing unit was 1,046 square feet.

Popularity among investors

Multifamily housing accounted for almost 15 percent of the housing stock in the United States in 2021. This type of real estate is popular among investors because it tends to generate a steady cash flow, and be easy to obtain financing for.