WASHINGTON — Apartment markets improved across all areas for the seventh quarter in a row, but the pace of improvement moderated, according to the National Multi Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions.
The survey’s indexes measuring Market Tightness (56), Sales Volume (51), Equity Financing (56) and Debt Financing (65) all measured at 50 or higher, indicating growth from the previous quarter.
“Even after nearly three years of recovery, apartment markets around the country remain strong as more report tightening conditions than not,” says 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, finance for both acquisition and construction remains constrained and flows mainly to the best properties in top markets, Obrinsky adds.
Full survey data are available here.