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The U.S. multifamily real estate market enjoyed a record-breaking year in 2021, according to CBRE. This sector set multiple records that year with a total investment volume of $335.3 billion, an absorption of 617,500 units, and the national vacancy rate falling to 2.5 percent (a decrease of 2.2% year-over-year). While the multifamily investment volume in 2022 decreased by 19% year-over-year to $278.8 billion, it was the second-largest annual total recorded.