Multifamily Demand Wanes With Stimulus Withdrawal

Multifamily demand growth thus far in 2022 has skipped a beat after a bumper year in 2021. On a percentage basis, demand growth in the first half of 2022, as well as the fourth quarter of 2021, were both below the trailing 10-year average. The withdrawal of stimulus funds likely played a role in the moderation of demand, just as the influx of stimulus payments played a role in the surge of demand seen in 2021.