"Data from the Survey of Market Absorption (SOMA), produced by the Census Bureau and the Department of Housing and Urban Development, reveal limited weakness in the multifamily sector for the first half of 2011. However, declining multifamily vacancy rates are a hopeful sign for future multifamily market expansion, which is consistent with improving responses reported in NAHB multifamily surveys.
The SOMA tracks completions and market absorption (either units rented or units sold after construction of the property is complete) for multifamily rental and for-sale housing in 5+unit properties. Data released in December report absorptions for the third quarter of 2011 for properties completing construction in the second quarter of 2011.
Read more...Declining Multifamily Vacancy Rates Point to Future Growth « Eye on Housing
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