Notwithstanding a wave of new units coming on line by year’s end, the pace of multifamily development is moderating in the near term. So says locally based Axiometrics, which also noted Tuesday that rent growth nationally moderated slightly during the third quarter.
With the quarter winding down, Axiometrics said in a report late last week, “concern remains about which metropolitan statistical areas (MSAs) will become oversupplied due to new deliveries increasing more than demand or job growth. However, by the latter half of 2013, development of new apartment properties is expected to spread more broadly and to encompass a more generalized suburban sector.” For the full year, Axiometrics is forecasting delivery of 180,723 units across 192 MSAs, up from 86,554 the year before.
Read more...Apt. Development Seen Tapering in 2014 - Daily News Article - GlobeSt.com