- Occupancy remained at 91.5%
- Absorption dropped by more than half over the quarter
- Average rents rose over the year and over the quarter
- The quarterly median sales price and cap rates dropped
Demand for multifamily housing slowed between quarters recording only 1,708 units of net absorption compared to 4,098 the previous quarter. The average monthly rent for multifamily units increased 2.0% over the quarter from $1,188 per month in Q4 2021 to $1,212 per month in Q1 2022. There are over 13,000 units under construction and another 32,800 units are proposed. Occupancy remained steady over the quarter at 91.5% and increased over the year from 88.8% in Q1 2021 to 91.5% in Q1 2022. Click to read more at www.colliers.com.