Skip Ribbon Commands
Skip to main content

Skip Navigation Linksinvestment-outlook-multifamily

Property market


12-month change in total vacancy


12-month net absorption
(as % of inventory)


12-month completions
(as % of inventory)


12-month rent growth

Investment market


Investment sales
(H1 2018, billions of $US)


H1 2018 investment sales growth


Average cap rate


12-month change in cap rate

  • Demand: Even as deliveries remain high, rents experience slight uptick and vacancy rates hold steady.
  • Transactions: Although quarterly volumes slipped in Q2, transaction activity remains elevated through the first half of 2018.
  • Markets: Secondary and tertiary markets are capturing greater share of investment as cycle progresses.
  • Sources of capital: Private buyers continue to dominate the marketplace; foreign investment concurrently marks uptick.
  • Sources of risk: Investors prioritizing suburban properties as lower yields and supply-side risk in urban submarkets lead to more cautious underwriting.

U.S. Multifamily cap rate map

Multifamily yields continued to compress despite supply-side risk due to elevated deliveries.

Methodology: Cap rates pertain to JLL’s expected average ranges for Class A CBD assets being priced as of Q2 2018.

You may also like

Want to stay in the know on multifamily investments?

Tell us what kind of multifamily research and news you would like to receive and we’ll be sure to add you to our list.

New kids in town: Millennials put their own mark on suburban living

Despite their love of downtown lifestyles, many millennials are still making the move out to the suburbs. However, how they settle down differs from their parents' generation.

The multifamily clock is ticking

Our interactive multifamily property clock shows you which markets are rising, falling or somewhere in between. Find out which markets are landlord favorable and which ones have great deals for tenants, all at a glance.

Download the report

View the complete H1 2018 U.S. Multifamily Investment Outlook for more on these latest trends.

I'd like to receive occasional trends and insights about: