The U.S. multifamily market continued to expand during the third quarter of 2022, although at a more modest pace.

Small multifamily prices continued to press higher at a double-digit annual rate in the second quarter of 2022 and cap rates sank to new all-time lows.

The U.S. multifamily market posted a historic showing in the second quarter of 2022. Rent and price growth remained at all-time highs, while vacancy and cap rates improved to the lowest levels since the onset of the pandemic. Among the nation’s top markets, the Sunbelt region continued to shine.

The U.S. multifamily posted a historic showing in the second quarter of 2022. Among nation’s top markets for rent growth, the Sunbelt markets continued to shine.

All else equal, small multifamily remains resilient heading into 2022’s warm weather months. Here’s a look at the latest small multifamily investment benchmarks.

The U.S. multifamily market followed last year’s record-setting performance with another strong showing. Rent growth remained strong, and the historically-low vacancy rate continued to tighten. Record-breaking sales activity continued through the first three months of 2022, and cap rates remained at historic lows.