Q1 2026 saw our lowest rate of absorption in years, with only 8,557 units absorbed. Vacancy is still lingering at 7.2%. Asking rents have been relatively flat, though up slightly over last quarter, to $2,085. With very little development on the immediate horizon, rents are expected to increase due to a lack of supply. Transaction volume is back and pricing is attractive with lower-than-average price per unit and price per square foot metrics, on par with 2019 levels. The market will really start to move if interest rates finally start to come down, though expectations are still that rates will be “higher for longer.”