Latest from the Wall Street Journal.
“Spring 2019 shows that demand for rental apartments has reached a five-year high”
What We Learned (Apartment Demand Hits Five-Year High)
- National occupancy rate hits a whopping 95.8% (up .4%⬆ since Q2 2018)
- The number of new apartment move-ins in Q2 of 2019 increased 11%⬆ over the same period as last year
- Move-ins in Houston outpaced apartment construction nearly 3 to 1
- The volume of existing-home sales on an annual basis has fallen for 15 straight months while the asking price of homes is increasing faster than income growth
- Monthly rental prices nationwide shot up 3%⬆
Summary,
Those of us in the multifamily world are starting to see that construction across all asset classes is failing to catch up with the pace of population growth. Many surveys are also indicating that consumer confidence in the ability to purchase a home is continuing to fall. For multifamily investors across the country, we’re seeing an increase in security through each of our investments—and growing confidence in future projects.