Today, in the Calculated Risk Real Estate Newsletter: Moody's: Q1 2025 Apartment Vacancy Rate Highest Since 2010; Office Vacancy Rate at Record High A brief excerpt:

From Moody’s Analytics Economists: Q1 Moody’s CRE Preliminary Trend Analysis

The national multifamily market has been under supply-side pressure over the past two years. Steady demand finally paused the vacancy climb after a banner year with record-level inventory growth. Average vacancy stalled at 6.3%, the highest since 2010.

Moody’s Analytics reported that the apartment vacancy rate was at 6.3% in Q1 2025, unchanged from an upwardly revised 6.3% in Q4, and up from 5.8% in Q1 2024. This is the highest vacancy rate since 2010.

This graph shows the apartment vacancy rate starting in 1980. (Annual rate before 1999, quarterly starting in 1999). Note: Moody’s Analytics is just for large cities.