Demand improved from the previous quarter but remained below historical norms, as Q2 absorption totaled 554 units—well below the 10-year average and nearly outpaced two-to-one by new deliveries.
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Annual rent growth slowed to 1.0% amid ongoing supply pressures and soft occupancy, though select areas—such as Shelby and Spencer counties—along with Class A assets, recorded stronger gains.
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Occupancy declined to 93.1%—the lowest level since early 2020—but a sharp pullback in construction activity is expected to ease supply pressures and support stabilization in the coming quarters.
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MARKET OUTLOOK
The outlook for Louisville’s multifamily market is cautiously optimistic as the effects of record-high deliveries are beginning to fade...
