Industry News

Apartment markets remain strong

Quarterly survey shows growth in consumer demand

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

As the market for new and resale homes continued its sluggish streak in many areas of the country, consumer demand for apartments grew for the 15th consecutive quarter, according to a recent survey. The multifamily housing sector's strong conditions continue to attract equity investors with the availability of equity capital for apartments also rising for the 15th consecutive quarter, according to the National Multi Housing Council's April quarterly survey. "The apartment markets continue to enjoy largely favorable conditions," noted NMHC Chief Economist Mark Obrinsky. "Although both owners and managers are well aware of the 'shadow rental market' -- condos and single-family homes originally intended for sale but being rented out instead -- any supply spillover from the for-sale market has so far not exceeded the growing demand for apartment residences." One-third of respondents said that occupancy rates and/or rents rose during the first quarter of the year. As a result, the survey's ...