Report | United States Multifamily Outlook - Fall 2014
On the heels of seven quarters of peak-level investment sale volumes, the multifamily market remains strong, posting annualized growth of 10.4 percent year-to-date. This has paralleled sustained domestic and foreign investor appetite for product, driving continued cap rate compression in an expanding subset of primary and secondary markets. As the overarching economic picture strengthens in 2014 and homeownership rates continue to decline, the majority of multifamily markets have seen absorption exceed new deliveries. However, with vacancy stabilizing and the market average of inventory under construction at 4.4 percent and growing, the pace of multifamily tightening is softening.
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