Industry News

Apartment market conditions improve

75% of survey respondents report higher demand

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For the ninth quarter in a row, senior apartment executives report higher occupancy rates, rising rents, increased sales volume and equity availability, according to the National Multi Housing Council's October 2005 Quarterly Survey of Apartment Market Conditions.  Seventy-five percent of survey respondents reported improved demand for apartments, measured by lower vacancy rates, higher rents or both. A mere two percent reported looser conditions, suggesting that there are virtually no markets where conditions are worsening, and an increasingly large number of markets where demand is improving further. As a result, the survey's Market Tightness Index rose to yet another all-time high of 87 in October. This was the ninth consecutive quarter of improving demand. "Even with record-level single-family home sales, demand for apartment residences by individuals and families continues to strengthen virtually across the board," noted NMHC Chief Economist Mark Obrinsky. "If the home-own...