Episode 46: Supply Wave Crests — Deliveries Drop 30% as Occupancy Ticks Up

Welcome back to What's Hot, What's Not C.R.E. It's Monday, February 23rd, 2026. Today — the latest multifamily data. 🔥 What's Hot — Supply Wave Cresting: Deliveries dropping from 371,000 units in 2024 to around 260,000 this year. Occupancy ticking up to 94.7% in January. Renter urgency increasing for the first time in three years. Midwest and Northeast outperforming — Chicago at 3.6% rent growth, New York 3.3%, San Jose 2.8%. Boston, San Jose, New York all under 5% vacancy. ❄️ What's Not — Vacancy & Sun Belt Struggles: National vacancy at 7.3% — highest since 2017. South at 9.1%. Sun Belt still correcting — Austin near 10% vacancy, Phoenix down 3.7%, Denver down 3.2%. 35% of properties offering free rent — up from 25% a year ago. National rents down 1.4% YoY — 29 consecutive months of declines. 💡 Why It Matters: Market is bifurcating. Supply-constrained markets growing. Sun Belt still correcting. Relief won't fully hit until late 2026 or 2027. 🎯 Investor Takeaway: Focus on Chicago, New York, San Jose, Boston. Avoid Sun Belt until absorption catches up. Vacancy peak may be here, but recovery will be gradual. Thanks for tuning in. See you tomorrow! Don't forget to Like, Share, and Subscribe! Visit hotnotcre.com to learn more and subscribe to our newsletter. #CRE #CommercialRealEstate #Multifamily #RentGrowth #OccupancyRates #Chicago #NYC #SanJose #Boston #SunBelt #Austin #Phoenix #Denver #MarketUpdate #RealEstate2026 #ApartmentInvesting #MultifamilyInvesting #VacancyRates #PropertyInvesting #InvestorTips