With interest rates at historic lows, it’s easy to believe that homeownership will encroach upon the success of the multifamily industry, which has fared quite well during the recession.
But homeownership is still becoming less of an option for plenty Americans, and industry veterans are doubtful that folks will be lured into it to the point where it would hurt multifamily owners, according to panelists at the recent Multifamily Executive Conference.
“There will be an uptick of people buying homes, but it’ll far be outweighed by folks coming in with the renter-by-choice mindset,” says Justin Marshall, senior vice president of property operations at Fogelman Management Group. “They want location. They don’t feel like they need to buy a home to validate that they’ve made it or they’re all grown up. So I don’t see it as a significant threat.”
Read more...Multifamily Execs Unafraid of Healthier For-Sale Market - Housing Trends - Multifamily Executive Magazine
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