U.S. Multifamily Market Report | CBRE | Q1 2026

Market Overview

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The U.S. multifamily market turned a corner in Q1 2026, with vacancy falling 20 basis points from Q4 2025 to 4.8% as net absorption outpaced construction completions for the first time in three quarters. Average monthly rent rose 0.2% year-over-year and 0.4% quarter-over-quarter to $2,217, in line with typical pre-pandemic Q1 seasonality. Net absorption totaled 78,100 units, a substantial rebound from the 1,500 units of negative absorption in Q4, with 63 of the 69 tracked markets recording positive net absorption and 58 improving from the prior quarter. Construction completions of 58,100 units fell 30% year-over-year and are expected to decline further, while Q1 multifamily investment volume came in at $29.5 billion, down 6% year-over-year.

‍About CBRE

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CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q1 2026 U.S. multifamily figures report tracks vacancy, net absorption, rents, construction completions, and investment volume across 69 markets to help owners, developers, and investors evaluate national market conditions and timing. To read the full report, click here.