This year, there will be about 360,000 multifamily units delivered to the market—a 2.8 percent increase in stock, according to the spring multifamily outlook report from research firm Yardi Matrix. In the first quarter, the national apartment vacancy rate increased to 4.4 percent from 4.2 percent a year ago, but strong demand for multifamily units was underscored by a 4.1 percent increase in the average rental rateand the absorption of 242,000 units over the past year, according to a June report on the multifamily sector from Marcus & Millichap, a real estate investment services firm.

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