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United States

Report | Multifamily Investment Outlook - Q2 2016

Summary

The domestic economy’s resilient expansion reinforces associated developments in the multifamily sector. Existing home sales climbed in June to the highest level since February 2007, yet continued inventory shortages have propelled prices to new peaks throughout the year. Unsold inventory is at a 4.6-month supply at the current sales pace, down from a 5.0-month supply one year prior and moving even further away from the 6.0-month equilibrium rate. 

National annual rent growth softened 50 basis points in the first quarter of 2016 to 4.5 percent. While annual rent growth may have peaked at the end of 2015, 4.0 percent rent growth in the short-run is likely. Completions nationally edged up 10 basis points compared to the first quarter of 2015 and national absorption with respect to inventory modestly declined 10 basis points year-over-year to 1.6 percent of inventory. 

Economic and demographic factors remain accretive to multifamily housing demand, and markets remain in favor of landlords overall.

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