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Market Report

Louisville Multifamily Market

2Q 2022

Importance in U.S. Supply Chain Sparks
Near-Nation Leading Vacancy Retreat

Mild development amid absorption boom aids outlook. Demand is surging in Louisville, and the performance of higher-quality assets reflects this. Few deliveries of note have arrived in the core in recent years, and the appeal of housing in urban areas returned in great magnitude during 2021. The result is a 390-basis-point reduction in Class A vacancy in Central Louisville between when the pandemic began and March 2022, and year-over-year Class A rent growth of nearly 11 percent last year. At the same time, the return of workers to offices along Interstate 264 has aided higher-tier demand in Northeastern locales, resulting in a 170-basis-point drop to Class A rates here in 2021. Current conditions warrant an increase in supply; however, development is slated to ease in the coming quarters.

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