Good Vibrations the Continuing Theme for the Multifamily Business via CoStar Group

Overlooking the fact that the 20- to 34-year-old renters driving the robust apartment market are probably too young to remember the Beach Boys, apartment REIT Camden Property Trust played the surfer anthem on its pre-earnings conference call music to set the theme for the ongoing apartment industry rebound.

"Our pre-conference music was chosen today to commemorate the 50th anniversary of the Beach Boys," explained Richard J. Campo, chairman and CEO of Camden. "I know we've received a number of emails about the Beach Boys being maybe a little too old for this crowd on the call, but for some of us, the 'Good Vibrations' is definitely a continuing theme in the multifamily business. We are looking forward to catching the wave of continued strong operating performance in 2012."

Major publicly traded owners and operators of apartments reported that market conditions continued to improve across all areas in 2011, with occupancy, sales volume, equity and debt financing all showing continued signs of improvement.

"Investors continue to view apartments as a preferred asset class in today's environment and long-term demographic changes favor rental housing," said Mark Obrinsky, chief economist of the National Multi Housing Council in Washington, DC. "In the face of an unprecedented virtual shutdown of development, the apartment market continues its strong recovery as developers play catch-up to the growing demand for rental housing."

Read more...Good Vibrations the Continuing Theme for the Multifamily Business via CoStar Group