Dec
07

Prospects for Multifamily Sector Improve Greatly

By
– National Real Estate Investor

A sharp increase in transaction activity for multifamily properties over the past year is indicative of strong investor interest in the sector, buoyed by improving fundamentals and demographic trends, which should support an increase in rental demand over the next few years.

The multifamily sector is showing signs of a firmly rooted recovery. According to Reis, net absorption in the third quarter surged by 94,000 units, dropping the national vacancy rate from 7.8% to 7.1%, one of the largest quarterly drops on record. Nearly 22,000 new apartment units were delivered to the market.

Rents increased for the second quarter in a row. Asking and effective rents increased by 0.5% and 0.6% respectively in the third quarter over the previous quarter, roughly matching the gains in the second quarter.

ARTICLE SHORTENED DUE TO LENGTH….

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    Categories : National News

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