- National multifamily vacancy fell below 9% heading into summer 2026, while asking-rent growth accelerated in Q2.
- Cushman & Wakefield’s 144,000-unit portfolio posted stronger occupancy, leasing activity and collections from a year earlier.
- Falling construction and lower concessions suggest the recovery is broadening from Class A into lower-tier properties.
The multifamily recovery gained momentum in Q2 2026 as demand improved and new supply eased, according to Globe St. National vacancy fell below 9% heading into summer for the first time since 2024. Cushman & Wakefield’s portfolio shows those gains spreading beyond Class A properties.
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Multifamily Recovery Gains Ground
According to GlobeSt’s August 2026 analysis, national asking-rent growth reached 1.5% year over year in Q2. That was up from 1.1% in Q1. National vacancy also fell below 9% heading into summer, its first sub-9% reading since 2024. Cushman & Wakefield’s 144,000-unit managed portfolio showed similar improvement across major apartment segments. Class A occupancy rose 38 basis points from a year earlier, while Class B increased 25 basis points.
The Details
Leasing activity improved across the portfolio. Across contacts, visits and applications, activity was 19% higher than a year earlier, Cushman & Wakefield said. Class A properties posted the largest gains, with rental inquiries improving the most. Delinquency fell 26 basis points across the portfolio. The source said stronger renter incomes may be helping residents stay current on payments.
Rent Growth Reaches More Segments
The stronger demand backdrop is translating into more pricing power. Overall lease trade-outs rose 2% in Q2, according to Cushman & Wakefield. Rent gains were strongest in the Northeast and Midwest, while the Sun Belt also improved. Class A remained the strongest segment. Class B trade-outs turned positive, and renewal trade-outs stayed consistent.
Concessions Start to Ease
Owners are reducing incentives as the construction pipeline shrinks. Portfolio concessions moved below 2.5% in Q2, Cushman & Wakefield reported. That shift follows a broader slowdown in multifamily deliveries, easing supply pressure across apartment markets. The national apartment construction pipeline also dropped to its lowest level since 2013. Less new supply reduces competitive pressure from recently delivered properties. That gives existing assets more room to improve pricing and leasing terms.
Why It Matters
The portfolio data points to a broader operating recovery rather than a Class A-only rebound. Improving occupancy, rent growth, delinquency and concessions strengthen property-level fundamentals. The shift into Class B and C matters because those segments lagged the early recovery. For investors, the combination suggests healthier operating conditions are spreading across more of the multifamily market.
What’s Next
Cushman & Wakefield said leading indicators point to continued demand growth through fall and winter 2026. Apartment demand remains seasonal, so the durability of the improvement still matters. Class A properties continue to lead the recovery. Owners and investors will be watching whether Class B and C gains hold as construction continues to decline.
