1、NationalInvestmentForecast2024MULTIFAMILYThe economy has proven to be much more resilient than many expected,and the broadly-anticipated recession never came.Instead,employers added jobs at a steady clip,keeping unemployment historically low under 4 percent,supporting strong consumer spending even i

2、n the face of lingering high inflation.Now,entering the new year,the momentum appears to support sturdy,albeit modest,economic gains in 2024.Against the complex economic background,the nations multifamily sector is contending with its own challenges:The chief among them being record new supply.By th

3、e end of 2024,nearly 900,000 apartments will have opened since the start of 2023.While many of these completions are slated for faster-growing secondary and tertiary markets,which captured household relocations from the pandemic,operations will still be pressured in the near-term.At the same time,th

4、e affordability landscape between markets is also shifting,which has implications for performance this year and further into the horizon.Ultimately,every market is following its own trajectory.To help commercial real estate investors capitalize on the complexities of the investment climate,Marcus&Mi

5、llichap presents the 2024 National Multifamily Investment Forecast.Thank you and heres to your continued success,JOHN SEBREESenior Vice PresidentDirectorMulti Housing DivisionJOHN CHANGSenior Vice PresidentDirectorResearch ServicesTO OUR VALUED CLIENTSPETER STANDLEYVice PresidentDirectorMulti Housin

6、g DivisionTABLE OFCONTENTSDeveloped by Marcus&Millichap Research Services.Additional contributions were made by Marcus&Millichap investment brokerage professionals nationwide.NATIONAL PERSPECTIVE Executive Summary.3 Housing Market Considerations.42024 National Multifamily Index.5Economic Outlook.6Mu