多户住宅展望改善：公寓让利收窄、在建量创十余年新低
Marcus & Millichap 11月5日的研报指出，美国公寓市场供需正在改善：提供租金优惠的公寓占比已从5月峰值17%降至9月的14.5%；三季度在建多户住宅约55万套，为十余年最低。
全国公寓交付量预计2026年下降18%（约43.4万套）、2027年再下降19%。
但高利率仍在拖累交易：10月43%的建筑商降价，高于9月的38%，建筑成本指数连续第十个月上涨；三季度多户交易量为四年来第二高，但买卖双方的定价差距仍在拉大。
Multifamily Outlook Improves as Concessions Ease and Construction Hits a Decade Low, but High Rates Complicate Deals
A Marcus & Millichap research brief released November 5 says the U.S. apartment market's supply-demand balance is improving: the share of apartments offering concessions fell from a peak of 17% in May to 14.5% in September, and about 550,000 multifamily units were under construction in the third quarter, the lowest in more than a decade.
National apartment deliveries are projected to fall 18% in 2026, to about 434,000 units, and another 19% in 2027.
But high rates still complicate transactions: 43% of homebuilders cut prices in October, up from 38% in September, and the construction cost index rose for a tenth straight month. Third-quarter multifamily transaction volume was the second-highest in four years, yet the pricing gap between buyers and sellers keeps widening.
来源：Marcus & Millichap
发布：GSM·美国（发布链接）
图片来源：加州弗雷斯诺市中心的高层公寓楼 Masten Towers。图：经 Wikimedia Commons（授权见该站文件页）。 / Masten Towers, a high-rise apartment building in downtown Fresno, California. Photo: via Wikimedia Commons (see the file page there for license terms).
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