CoStar raises U.S. multifamily rent growth forecast to 2.6% for Q4 2027
CSGP•CoStar Group raised its forecast for U.S. multifamily rent growth in the fourth quarter of 2027 to 2.6% from 1.9%, citing stronger-than-expected demand and declining project deliveries. It forecasts 1.4% annual rent growth through Q4 2026 and vacancy near 7.9% through 2026, falling to 7.5% by year-end 2027.
1. Updated rent outlook
CoStar Group’s Apartments.com upgraded its U.S. multifamily forecast as stronger-than-expected demand and declining project deliveries reduced excess inventory. Annual rent growth is forecast at 1.4% through Q4 2026, up 50 basis points from the previous year-end forecast, while the Q4 2027 projection rose to 2.6% from 1.9%. National multifamily vacancy is projected near 7.9% through 2026 and at 7.5% by year-end 2027. The outlook depends on labor market stability; meaningful job losses or persistent inflation could weaken apartment demand.
