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There’s more good news for the multifamily construction sector from the National Association of Home Builders rental market survey results, released this week.
Paul Emrath, VP of Survey and Housing Policy Research for NAHB, recently released a video summarizing the results of the national Multifamily Market Survey. You can watch the video here:
To summarize, the overall multifamily vacancy index (MVI) increased to 36, a tremendous improvement over the recent high of 70. While 36 is not a record low, it is a significant improvement on recent history and shows that the vacancy rate for existing properties is headed in the right direction. Class C properties, which had been lagging behind, have experienced improvements that bring performance up to par with Classes A and B.
In the multifamily production index (MPI), new multifamily construction starts are up to 54. As investor confidence grows, expect to see more new developments take shape in the form of apartments and condos. Market rate rental continues to hover above 60, and for low rent units, MPI crested 60 for the first time ever.
To date, multifamily starts have increased to 200,000 a year, a notable improvement compared to previous years, though not back to the 300,000 average seen before the economic downturn.
Though the market shows overall signs of fortification, the recovery has not been as evenly geographically distributed as builders and economists might hope. Texas has risen as the leader in new construction, both single family and multifamily. All four of its major cities—Dallas, Houston, Austin, and San Antonio—topped the US Census Bureau’s growth charts. Washington D.C. and New York were also strong performers. Conversely, Detroit, Chicago, and Cleveland continue to lag in new building permits.
Unsteady economic growth could pose future challenges, but Emrath’s optimism is strongly grounded. Rent rates have risen by 6 percent across the nation and the Pending Homes Sales Index revealed a decrease in signed contracts of nearly three percent. Fueled by new household formation and an improving jobs picture, things are looking bright for multifamily construction and the industry at large.
