If we make it over the fiscal cliff, good times may be ahead for apartment builders—though that’s a big “if.”
“Assuming current trends hold, over the rest of this decade, we will need at least 300,000 new apartments annually, and possibly as many as 400,000, to meet demand,” says Mark Obrinsky, vice president of research and chief economist for the National Multi Housing Council.
That would be great news, if it happened. Right now multifamily developers are happy to be building at a rate slightly faster than 250,000 a year. Most apartment analysts think market will be able to absorb that new construction—but not too much more.
Read more...Optimism for Apartments Sector for 2013 NREIonline.com
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