U.S. multifamily vacancy rate 2010-2023

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The U.S. multifamily vacancy rate increased slightly in 2023, after reaching one of the lowest levels on record in 2022. Approximately 6.6 percent of multifamily homes were vacant in the fourth quarter of 2023. Despite the increase, this figure was notably lower than the long-term historical average.

U.S. multifamily housing sector

Multifamily housing, refers to a housing type where multiple apartments are contained within one housing unit, or when several buildings form a larger complex. Construction of such houses has been on the rise, as the industry struggles to meet housing demand. The average size of such a housing unit was 1,046 square feet.

Popularity among investors

Multifamily housing accounted for almost 15 percent of the housing stock in the United States in 2021. This type of real estate is popular among investors because it tends to generate a steady cash flow, and be easy to obtain financing for.

Multifamily vacancy rates in the United States from 1st quarter 2010 to 4th quarter 2023

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Release date

January 2024

More information

Region

United States

Survey time period

Q1 2010 to Q4 2023

Special properties

Structures with five or more units.

Supplementary notes

* The source adds the following information: "The Q2-Q4 2020 and Q1 2021 vacancy rates represent a break in the series because they are based on surveys conducted under COVID-19 restrictions and should be viewed with caution."

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