Avison Young：2025年第一季度美国多户住宅市场报告（英文版）（15页）.pdf

1、Page 1U.S.multifamily market report|Q1 2025U.S.multifamily market reportQ1 2025Page 2U.S.multifamily market report|Q1 2025Multifamily demand continued to remain strong through Q1 2025,as major U.S.markets absorbed more than 72,000 units,putting multifamily demand on pace to match 2024s record-high r

2、ates.Development activity is projected to slow significantly by 2026 while rent growth increased by just 1.7%since 2023 nationally.However,increased demand coupled with slowing construction activity is expected to place upward pressure on occupancy and rental rates.Multifamily sales activity increas

3、ed by almost 10%in Q1 2025 compared to Q1 2024,but remained 26%below Q1 2023 totals.Multifamily remains the favored product for investment activity,accounting for 36.1%of total investment activity in Q1 2025.Q1 2025 absorption as share of 2024 totalsof the under-construction inventory is projected t

4、o deliver in 2025increase in Q1 2025 sales compared to Q1 2024+9.7%66.4%25.2%U.S.multifamily market trendsPage 3U.S.multifamily market report|Q1 2025Lets examine prevailing multifamily trends.U.S.multifamily conditionsPage 4U.S.multifamily market report|Q1 2025Absorption and mortgage rates 6.7%0%1%2

5、%3%4%5%6%7%8%050,000100,000150,000200,000250,000300,000350,000400,000450,00020152016201720182019202020212022202320242025 YTDProjected absorption Q2-Q4 2025(based on Q1 2025 totals)Units absorbed30-year mortgage interest rates(firm)Multifamily absorption levels are on pace to match 2024 levels.Q1 202

6、5 absorption reached 25.2%of 2024 year-end totals,as mortgage rates continue to remain elevated,compared to prior norms.Source:Avison Young Market Intelligence,CoStarPage 5U.S.multifamily market report|Q1 2025Development activity and effective rents$2,064$0$500$1,000$1,500$2,000$2,5000100,000200,000