The U.S. apartment market year started with a significant reduction in transaction volume. On an annual basis, the U.S. Market saw a net-move out of 177,218 units. As pent-up demand sky rocketed absorption after a pandemic induced fallout, the softening has been seen over the prior quarters. The first quarter demand of this year was the weakest first quarter demand in the last 10 years. This was also the first time the 150 core U.S. Markets experienced back-to-back negative net move-outs on an annual basis. The continued decline in annual demand has resulted in both a decline annually and quarterly for occupancy. Occupancy for the first quarter registered at 94.8%, down 0.at 94.8%, down 0.4% quarterly and 0.3%, yearover- year. Economic headwinds persist for the consumer which could still impact a decline in occupancy in the near term. Rent growth followed similarly with occupancy recording a drop in rent by 0.4% nationwide, but still up 4.5%, annually. Rent growth has been beginning to slow down after a surge during 2021 and majority of 2022. Rent growth is forecasted to be around 3.0% over the next 12 months, which is roughly 2% lower than the five-year average. The U.S. had 95,237 units delivered in the first quarter bringing the total supply to 358,088 units. Over the next 12 months, there are 611,000 units set to deliver, which would be a record high for the U.S. Market.