Investing in real estate, like multifamily properties, requires knowing the current trends. Trends may include demand, supply, and consumer sentiment. Both economic and cultural factors indicate that the multifamily housing market will grow stronger in 2024.

Occupancy rates, the percentage of available lived-in homes, reached 94.5 percent in 2023, according to RealPage. It suggests that occupancy rates will remain high in 2024, compounded by rising housing prices and ongoing construction and supply issues.

Rent growth may slow in 2024 between one and two percent. Multifamily construction and an oversupply in some locations may increase affordability for preexisting multifamily residents.

Young families’ desires for privacy, proximity to amenities, and decreased commitment compared to owning a home will also impact the multifamily housing market in 2024. Neighborhoods near good schools will experience the most demand. Parents working from home will prioritize smart home technology, such as reliable w-fi while attempting to achieve a work-life balance. They will weigh neighborhoods with co-working spaces and community-building features over those lacking.