Demand may dwarf supply; the economy may show signs of life; holders of cash may be falling all over themselves to invest it in new and improved multifamily communities; homeownership may even lose its dominance as the American Dream incarnate. Still, as any smart property manager can tell you, a good year is made, not born.
Like early 2011, this year’s onset has shaped up like gangbusters—fundamentals, sentiment, and economic drivers are kicking in nicely. However, also like last year, property managers are going to have to navigate some tricky, possibly treacherous, waters to bring in the payload owners and stakeholders expect.
“We are cautiously optimistic,” says Keith Dodds, senior vice president of marketing for Denver-based real estate investment trust Aimco.
Caution? Last year, the pros called for average rent growth of more than 4 percent nationwide. Properties here and there achieved that kind of growth.
Most didn’t. Overall effective rents grew by an average of just 2.3 percent last year, according to New York–based market research firm Reis.
Read more...Winning the Rental Game - Leasing And Concessions, Property Management, Rent Trends - Multifamily Executive Magazine
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