Forecast Reports

Apartment Update®

National Report Card

Preview our national report card and download over 70 market reports below.

In today’s financial environment marked by inflationary challenges and investor uncertainty, our forecasts will provide key narratives and impactful market information to help you and your clients navigate multifamily trends and explore exciting opportunities in the year ahead.

Key National Themes:


National occupancy is forecast to settle at 95.0% in 4Q23, beating pre-pandemic (2010 to 2019) average of 94.7%.

Leasing Activity

Household formation is expected to increase, bolstering apartment leasing activity over the next 12 months.

Monthly Effective Rent

Operators will counteract flagging occupancy by tapering rent growth. After advancing 6.6% in 2022, effective rent is projected to rise 3.3% this year.

Apartment Development

565,200 units are scheduled to come online by year-end, with the Sun Belt markets seeing expanded development.

2023 U.S. Forecast WEbinar

On January 24, we proudly hosted Berkadia’s 2023 U.S. Forecast Webinar. Berkadia executives were joined by Aneta Markowska, Chief Financial Economist for Jefferies and Sharon Wilson Géno, President-Elect of NMHC to discuss the themes and economic trends expected to shape investor behavior, including the multifamily housing market, in the year ahead.

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