The long-term fundamentals for the multifamily apartment market look great: Shadow market inventories and concessions are expected to eventually burn off; renters will likely double-down into one-bedroom floor plans and trade-up in product class; and millions of new renters will flood the market just as the supply shortage becomes more tangible. By all accounts, the years between 2011 and 2015 should be the best the multifamily industry has ever seen, with supercharged rent growth made possible by the pricing power of stratospheric occupancies. It’s shaping up to be a huge business-growth banquet that everyone will be invited to. The only ticket to entry? You have to get punched in the stomach a couple of times with 2009 to 2010 market realities before you can move forward.
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Multifamily Executive.
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