CSGP · News · 20260806N

U.S. Multifamily Demand Trends

COSTAR GROUP, INC. · 2026-08-06 · Importance 17 · Surprise 24

CoStar and Apartments.com reported that the national apartment vacancy rate declined to 8.2% in Q2 2026. Approximately 164,000 units were absorbed versus roughly 118,000 new deliveries, leaving demand more than 45,000 units ahead of supply. Conditions improved in high-supply markets including Austin and Raleigh, although performance remained uneven across the South and Mountain regions.

Key facts

• Approximately 164,000 apartment units were absorbed in Q2 2026 while new apartment deliveries fell to about 118,000 units, so demand outstripped new supply by over 45,000 units during the quarter. source
• The national apartment vacancy rate decreased to 8.2% in Q2 2026. source