U.S. apartment demand outpaced new supply over the past year for the first time since early 2022, Cushman & Wakefield said in its second-quarter 2026 U.S. Multifamily MarketBeat. Vacancy fell below 9% for the first time since 2024 and construction activity continued to retreat in Q2.

Net absorption totaled 124,600 units during Q2, the fifth-highest quarterly total in nearly 25 years and an 8% year-over-year increase. National vacancy declined 35 basis points quarter-over-quarter to 8.9%, ending more than a year of relative stability. On a trailing four-quarter basis, approximately 362,000 units were absorbed compared with roughly 358,000 units delivered.

“The apartment market is no longer defined by new supply pressures,” said Sam Tenenbaum, head of multifamily insights at Cushman & Wakefield. “Construction is slowing, demand has remained remarkably resilient and vacancy is now moving lower. That’s a meaningful shift from the conditions that shaped the market over the past several years and points to improving fundamentals as the pipeline continues to thin.”

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