Although it may seem as though apartment development is entering a glut period, a CBRE report says that permits and starts are just now reaching their long-term averages. The comparative run-up in construction lately follows three years of dormancy, and CBRE is forecasting apartment rents to grow by approximately 2.5% per year for the next three years even as the level of development increases.
“The multi-housing sector is only now beginning to fill a supply shortage that has existed following a three-year-long drought in development resulting from the recession,” says Jim Costello, CBRE’s head of Americas Investment Research.
Read more...CBRE Sees Little Risk of Apartment Glut - Daily News Article - GlobeSt.com
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