REIS SENIOR ECONOMIST SAYS MULTIFAMILY SECTOR IS ‘SPECTACULAR.’ via REBusinessOnline.com

The apartment market is the darling of commercial real estate and will continue to be so for the next few years, says Ryan Severino, senior economist of New York-based Reis. “It is spectacular.” His comments were made on Tuesday at the Interface Multifamily Southeast Conference in Atlanta. Severino, who was the keynote speaker, delivered a report on the economic climate and how it will impact the multifamily market in coming years.

Severino says the Southeast is on par with the rest of the nation, but the commercial real estate market is on a slow-growth trajectory. More specifically, the country is not creating enough jobs to drive down the unemployment rate, and he predicts it will be mid-decade before employment reaches previous peak levels.

That being said, the multifamily sector is continuing to show signs of strength. Vacancy rates are continuing to tighten and there will be limited supply growth until at least late 2012 or early 2013, which is causing an uptick in rent.

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