Prognosis brightens for apartment market

Sales volume increases in first quarter

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Market conditions improved, sales volumes are little changed from their recent high levels, and equity flows to the apartment sector continue to rise as investors remain committed to acquiring multifamily properties, according to the National Multi Housing Council's (NMHC) April 2004 Quarterly Survey of Apartment Market Conditions. "The apartment industry continues to show signs of gradual improvement," said Mark Obrinsky, NMHC's vice president of research and chief economist. "As the job market continues to gather strength, the foundation is being laid for a further pickup in the demand for apartment residences." The Market Tightness Index, which reflects changes in vacancy rates and rent increases, came in at 59, the highest level in four years. A score above 50 means more respondents saw improving conditions than saw worsening conditions over the past three months. This marks the third straight quarter of improving market conditions. Almost one-third (32 percent) said conditions ti...