Industry News

Multifamily real estate posts improvement

Index suggests 'worst may be over'

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Conditions in the apartment market are looking up after several quarters of increasing vacancy rates, according to the National Multi Housing Council's January 2004 quarterly survey of apartment market conditions. For the first time in the survey's nearly five-year history, all four indexes used to measure changes in apartment market conditions – the market tightness index, the sales volume index, the equity-financing index and the debt-financing index – edged above 50. A score above 50 means more respondents saw improving conditions than saw worsening conditions over the past three months. "The January survey results provide further evidence that the worst may be over for the apartment industry," said Mark Obrinsky, NMHC vice president of research and chief economist. "There have been several signs of improvement in several months; the question now is whether these improvements will be sustained. A brighter employment picture is still the key to improving the demand fo...