From the Northeast to the West, panelists at NMHC’s Apartment Strategies Outlook Conference here last week gave an overview of where the hot spots are and where rent growth is cooling for apartments. During the panel “The Markets: A Full Sweep,” moderator Jay Lybik, VP of market research for Equity Residential, said he expects continued demand for apartments in 2015 because national vacancy has been at or below 5.8% since 2012.
Lybik added that with Millennials’ shift toward delaying marriage and away from homeownership, the multifamily sector has great fundamentals. “Boomerang kids living home” after college are moving out as the economy has picked up, and they’re moving into apartments. “The 24-to-25 age cohort is the largest in the Millennial generation, and this is the prime age for starting households.”
Nationally, supply is not a problem for multifamily, Lybik said. “Oversupply is not happening since permitting numbers are half of what they were in the ’80s.”
Read more...Markets to Watch for Multifamily Growth - Daily News Article - GlobeSt.com
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