Make sure to read the RREEF Real Estate’s U.S. Real Estate Strategic Outlook, March 2012, pdf
Multifamily was the first sector to transition into recovery, due in part to demographic factors such as the Echo Boomer’s preference for renting rather than owning real estate. According to RREEF Real Estate’s U.S. Real Estate Strategic Outlook (pdf), demographics and formerly distressed homeowners should help to keep multifamily vacancy rates low and rental rates climbing through 2013.
Echo Boomers -- educated and recently employed children of baby boomers -- are benefitting from the uptick in employment. Paycheck in hand, this population is moving into cities that provide good jobs and a high quality of life. The cities that fit this criteria are coastal gateway markets and urban/infill submarkets, according to the report. Multifamily buildings that offer green amenities such as bike storage, recycling, and energy reduction are more attractive to this age group.
Read more...Echo Boom Generation Fuels Multifamily | CCIM Institute
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