Apartment markets continued to improve across all areas of the country for the seventh quarter in a row, though the pace of improvement moderated, according to the National Multi Housing Council's (NMHC) Quarterly Survey of Apartment Market Conditions. Still, the NMHC said the outlook is for continued strength in the multifamily sector for the next two years.
NMHC's survey measures market tightness, sales volume, equity financing and debt financing, all of which measured at 50 or higher, indicating growth from the second quarter.
"Even after nearly three years of recovery, apartment markets around the country remain strong as more report tightening conditions than not," said NMHC chief economist Mark Obrinsky. "The dynamic that began in 2010 remains in place: the increase in prospective apartment residents continues to outpace the pickup in new apartments completed. While development activity has picked up considerably since the trough, financing for both acquisition and construction remains constrained, flowing mainly to the best properties in the top markets."
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