The U.S. apartment market has continued to see a significant reduction in transaction volume. This quarter saw 83,449 units absorbed across the nation’s 150 largest apartment markets. Annually, demand for the U.S. Market saw a net-move out of 44,096 units. Pent-up demand sky rocketed absorption after a pandemic induced fallout and then a high-valued, high interest rate housing market has slowed home sales and refinances to historic lows. The second quarter demand this year was the strongest quarterly demand since the first quarter of 2022. Occupancy for the second quarter registered at 94.7%, down 0.1% quarterly and 2.1%, year-over-year. Economic headwinds persist for the consumer which could still impact a decline in occupancy in the near term. Rent growth is still happening but has been at a much slower pace than the previous two years. Rent growth was up 1.1%, quarterly and up 2.4% over the last 12 months and has been beginning to slow down after a surge during 2021 and majority of 2022. Rent growth is forecasted to be around 2.4% over the next 12 months, which is more in line and consistent with the current market. The U.S. had 107,416 units deliver in the second quarter bringing the total supply to 376,443 units. Over the next 12 months, there are 650,000 units set to deliver as the country has a record high of 1.1 million units under construction.