This week’s collection of top multifamily reads takes a step back to examine some overarching trends impacting the apartment market. We’ll start off with an article I contributed to National Real Estate Investor (NREI) looking at two distinct multifamily market climates that often exist within the same metropolitan area. While certain cities are starting to feel the impact of an oversupply of new Class A product, nearly all markets have an unprecedented and growing demand for quality, affordable units of workforce housing. Our second story comes from Alanna McCargo, Co-Director of Urban Institute’s Housing Finance Policy Center, and examines four major trends contributing to this lack of affordability.
The solution to affordability will likely need to manifest in the suburbs, as Tom Toomey, ULI Chairman and President & CEO of multifamily REIT UDR, Inc., points out that 79% of the population in the largest 50 metro areas live in the suburbs. His Q&A with NREI’s John Egan also gets into the rise of interest in ’18-hour cities.’ Next, we turn to another thought leader – Doug Bibby, President of the National Multifamily Housing Council (NMHC) — who walks us through new research showing the country needs to add 4.6 million new apartment homes between now and 2030 to keep up with demand. This week’s roundup tops off with Freddie Mac’s midyear multifamily outlook, which shows that the market remains healthy as we move towards 2018.
via National Real Estate Investor – July 28, 2017
“This guest byline by Arbor’s Chairman, President & CEO Ivan Kaufman examines how the multifamily cycle has diverged into two distinct market climates – oversupply of new Class A product in certain metros concurrent with an unprecedented and growing demand for quality, affordable housing for the workforce.”
via Urban Institute – July 27, 2017
“The rental housing landscape in America is rapidly changing: new people are becoming renters and many properties are aging. Meanwhile, the pace at which new rental housing supply is being created can’t meet growing demand.”
via National Real Estate Investor – July 25, 2017
“In a Q&A with NREI, Toomey discusses the challenges facing commercial real estate, the role of the suburbs in today’s market and the outlook for the multifamily sector.”
via Multifamily Executive – July 21, 2017
“We’ll have to build 4.6 million new apartments between now and the end of 2030 to keep up with growing apartment demand—or risk exacerbating today’s existing housing shortage.”
via Freddie Mac – July 26, 2017
“Through the first half of 2017, the economy’s growth continued to support strong multifamily fundamentals, while the market continued to moderate on a national level.”