Here is a comprehensive article from the
New York Times (via
yahoo.finance) on the national apartment market. It's full of information and worth reading. The authors are amazed that even Houston is seeing strong demand for multifamily units. The article ends on this high note:
Andy McCulloch, the head of residential research at Green Street
Advisors, a real estate analysis firm, said it was a misconception that
growing momentum in the single-family housing market would hurt the
rental market.
“If the single-family market gets better it
could help jobs, it could help incomes and you could see rent continue
to rise,” he said. Constraints on lending, Mr. McCulloch said, will also
keep a lid on the number of new homeowners.
“If I was an
apartment landlord, the only thing that would really freak me out from
the buying side is the return of easy credit,” he said. “But that
doesn’t seem to be coming back anytime soon.”
1 comment:
Nice post. I personally don't find it surprising that there is an increase in demand for urban multifamily development in Houston.
Considering the trend of "millennials" migrating inward and those who don't wish to spend long hours accessing the overcrowded suburbs, it may proof to serve as a more convenient life style..
Its also interesting how Mr. McCulloch points out the misconceptions b/t SF housing vs. conventional multifamily renters. This should be interesting to watch as it plays out, especially as more apartment product comes online and the remaining SF home market finishes hitting the bottom.
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