As those in the multifamily industry have happily known for some time now, the apartment market has experienced a dramatic resurgence in the past two years. Fundamentals have improved for nine straight quarters since reaching their nadir at the end of 2009, and the national vacancy rate stood at 4.9 percent as of the first quarter of this year, its lowest level in more than 10 years.
This is a spectacular result given the rather weak performance of the economy over the same time period, when gross domestic product (GDP) grew at an annualized rate greater than 3 percent only twice in eight quarters in 2010 and 2011. Indeed, by historical standards, we’re experiencing an anemic recovery.
The job market has fared even worse than the economy in this time frame. As of March 2012, we had regained only 3.5 million of the 8.6 million jobs that were lost due to the recession.
Read more...Multifamily Mojo - Apartment Finance Today Online Article - Apartment Finance Today Magazine
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