The multifamily sector is in good shape for the foreseeable future, according to Calvin Schnure, NAREIT’s vice president of research and industry information, despite some market concerns about a rebound in new construction. He pointed out that there are approximately 3 million households that have “doubled up” since 2008, and many of those residents will be looking for a place of their own as the job market improves.
The vacancy rate for apartments fell 60 basis points in the first quarter, to 8.8 percent. Schnure said that’s down more than 2 percentage points from its 2009 peak. Additionally, he said that in the first quarter alone, the number of occupied apartments jumped 8 percent, the strongest growth in demand for rental apartments since 1993.
“So we’re seeing that the apartment sector still has quite a bit of momentum,” he explained.
Watch video...Multifamily Momentum Will Continue via REIT.com
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