Five Metros Set Recod Apartment Pace, But Will Construction End The Run?

  http://cts.vresp.com/c/?MarcusMillichap/1a48a10d9c/e14d6f5e83/4820dafc26 Commercial Appraiser
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Curtis D. Harris, BS, CGREA, REB
310.337.1973 (Cell,) 310.251.3959 (Text)
Commercial Appraiser 
From: Marcus & Millichap
Sent: Friday, September 30, 2016 11:25 AM
To: [email protected]
Subject: Five Metros Set Recod Apartment Pace, But Will Construction End The Run?
 

 

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Multifamily Reports
Covering 37 Local Markets
  
 
Steady Hiring Restrains Vacancies and Boosts Rents,
but Mounting Construction Pipeline Could Pose Challenges Steady job creation remains central to household formation, supporting exceptionally tight multifamily vacancies. Ten markets report sub-3 percent vacancy rates, with many others demonstrating considerable tightening. The wave of new construction coming online in several markets could, however, ease back performance trends, particularly for class A assets. Investors have stepped up their pursuit of yield, selectively targeting secondary and tertiary markets, but some caution has entered the market, particularly in metros with a substantive delivery pipeline. The newly released Multifamily Research Reports provide detailed insights into significant market trends for 37 markets. Each report highlights important local performance trends and sales indicators. Industry-leading report highlights: ■Strong demand has thus far kept rising supply in-check across most markets. Rent growth remains elevated, setting an aggressive pace.■Class B and C vacancy rates have compressed dramatically as demand for moderate- and lower-price apartments has strengthened. Class A vacancy has risen as a wave of new supply has entered many major metros, creating pockets where operators face elevated competition.■Sturdy yields have supported investor interest, but rising caution has opened a "bid-ask" gap and extended diligence timelines. Multifamily Research Market Reports>As a service to our clients, Marcus & Millichap provides research reports through the Research Services page of MarcusMillichap.com. Best wishes for continued success, and we look forward to serving your investment needs.John Chang | First Vice President, Research Services 2398 E. Camelback Road, Suite 550 Phoenix, Arizona 85016 Ph: (602) 687-6700 | Fax: (602) 687-6710 | E-mail: [email protected]

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