National Rents Decline as Multifamily Housing Supply Increases
National rents have continued to decline, with a 1.7% annual decrease in April, as new multifamily housing projects are expected to maintain downward pressure on prices. The median rent now stands at $1,673, down from peak levels in August 2022. This trend is supported by an increase in multifamily construction, with new projects expected to enter the market in the coming quarters. Despite a 30% quarterly drop in multifamily lending volumes, the overall market conditions remain positive, with a significant increase in multifamily loan production compared to the previous year. 
