Apartment Market Poised for Improvement
The U.S.
apartment property sector may have finally stabilized after several
consecutive quarters of negative rent growth and rising vacancy rates,
reports the National Multi Housing Council in its most recent quarterly
"Survey of Apartment Market Conditions."
Financing conditions exhibited the most dramatic improvement during the
second quarter--40 percent of respondents stated that the borrowing
environment is more favorable today than it was three months ago. Apartment
property sales maintained the first quarter's high level, confirming
anecdotal evidence that investors continue to regard multifamily housing
properties in a positive light.
Job growth will be the key to the sector's continued success, according to
NMHC chief economist Mark Obrinsky. "If the economy strengthens over the
rest of this year--as many forecasters are expecting--that would set the
stage for a solid rebound in the apartment market," he says.
Source: Inman News Features
(07/24/03)
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