Q3 2013 Multi-family Report Bolsters Investor Confidence
12/18/2013 10:45 AM
Because of the government shutdown, figures for the third quarter of the year have only unofficially declared what has long been expected: the multifamily market continues to trend upward.
Quarterly reports, recently released by a private research firm for the 2013 Q3 multifamily market, show sustained strength. Key indicators demonstrated that vacancies in pre-existing units are stable at capacity, while new developments filled rapidly. The 95.4% occupancy rate in the top 100 metro markets, coupled with an increase of 1.2% in the quarter for effective rent on new leases, signals a demand growing quicker than supply. Meanwhile, pricing continues to keep pace, rising 3.5% on middle-market projects, 3% for bottom tier, and 2% for top.
These variables in tandem paint a healthy picture of the multifamily sector now, and into the future.
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