you an owner or investor in multifamily properties? If so, you’ll no doubt be
interested in the latest multifamily trends from the National Multifamily Housing Council (NMHC).
good news: NMHC forecasts that 4.6 million apartments are needed at a variety
of price points by 2030 in order to meet demand. That forecast is based on
current demographic trends and household formation statistics – and bodes well
for the multifamily sector.
are developers meeting that demand? According to NMHC, the bulk of new
apartment construction is concentrated in a few metros and is on the luxury
side. That’s not surprising considering the rising cost of land and
construction costs. But it’s creating a challenge for tenants, many of whom are
rent growth has moderated in recent years, it remains strong, and vacancy rates
are hovering near record lows.
terms of amenities, the NMHC/Kingsley
Resident Preferences Survey found that the amenity most desired by tenants
today is reliable cell reception. After that, tenants want secure parking,
secure amenity access, a swimming pool and a fitness center. The on-site dog
spa? Not so much.