For the consecutive second quarter, apartment conditions as measured by the National Multifamily Housing Council’s quarterly survey showed signs of ebbing. All four indexes in the survey remained below the break-even level of 50, and two of those indexes retreated considerably from the previous quarter.
“Weaker conditions are evident across all sectors as the apartment industry adjusts to changing conditions,” says Mark Obrinsky, SVP and chief economist with NMHC. “Rising supply—particularly during a seasonally weak quarter—is causing rent growth to moderate in many markets.”
Read more...Multifamily Execs See Market Retreating | GlobeSt.com
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