While the recession may have been severe for the apartment market, the recovery has been just as extreme, states Hessam Nadji, managing director, Research and Advisory Services, Marcus & Millichap. “There really wasn’t a group of markets that escaped the recession; conversely, there isn’t a group of markets that is being left out of the recovery,” he notes. “Today’s apartment market really offers something for everyone.”
The third quarter of 2011 marked the transition from the recovery phase of multifamily into the expansion phase, adds Gleb Nechayev, senior managing economist at CBRE Econometric Advisors. “It returned to—and actually surpassed—the previous peak in terms of revenues, and by that metric it is well ahead of other property types,” he notes.
According to the most recent analysis from CBRE Econometric Advisors, the U.S. multi-housing vacancy rate will hold steady at 5.5 percent in 2012—down 60 bps year-over-year and 190 bps from its peak in 2009—and actually decline an additional 30 bps in 2013.
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