{"id":3394,"date":"2012-09-28T05:00:21","date_gmt":"2012-09-28T12:00:21","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=3394"},"modified":"2020-12-24T01:03:00","modified_gmt":"2020-12-24T09:03:00","slug":"nah-multifamily-survey","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/nah-multifamily-survey\/","title":{"rendered":"NAHB Multifamily Survey"},"content":{"rendered":"<p>There&#8217;s more good news for the multifamily construction sector from the National Association of Home Builders rental market survey results, released this week.<\/p>\n<p>Paul Emrath, VP of Survey and Housing Policy Research for NAHB, recently released a <a href=\"http:\/\/eyeonhousing.wordpress.com\/\">video<\/a> summarizing the results of the national Multifamily Market Survey. You can watch the video here:<\/p>\n<p><object width=\"560\" height=\"315\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http:\/\/download.macromedia.com\/pub\/shockwave\/cabs\/flash\/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\" \/><param name=\"allowscriptaccess\" value=\"always\" \/><param name=\"src\" value=\"http:\/\/www.youtube.com\/v\/OJRNL8RzSvQ?version=3&amp;hl=en_US\" \/><param name=\"allowfullscreen\" value=\"true\" \/><\/object><\/p>\n<p>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.<\/p>\n<p>In the multifamily production index (MPI), new multifamily construction starts are up to 54. As investor confidence grows,\u00a0 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.<\/p>\n<p><a href=\"http:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2012\/09\/constructionstart-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-3407\" title=\"Construction starts for multifamily\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2012\/09\/constructionstart-1-200x300.jpg\" alt=\"Construction on an apartment building\" width=\"200\" height=\"300\" \/><\/a>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.<\/p>\n<p>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\u2014Dallas, Houston, Austin, and San Antonio\u2014topped the US Census Bureau\u2019s <a title=\"Census growth Texas cities\" href=\"http:\/\/www.theatlanticcities.com\/housing\/2012\/05\/top-us-cities-new-home-construction\/1935\/\" target=\"_blank\" rel=\"noopener noreferrer\">growth charts<\/a>. Washington D.C. and New York were also strong performers. Conversely, Detroit, Chicago, and Cleveland continue to lag in new building permits.<\/p>\n<p><a title=\"Unsteady economic growth\" href=\"http:\/\/www.voanews.com\/content\/us-economy-indicators_slow_uneven\/1499665.html\" target=\"_blank\" rel=\"noopener noreferrer\">Unsteady economic growth<\/a> could pose future challenges, but Emrath\u2019s 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.\u00a0 Fueled by new household formation and an improving jobs picture, things are looking bright for multifamily construction and the industry at large.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There&#8217;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, [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":3406,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[210,29,211],"class_list":["post-3394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction","tag-multifamily","tag-nhba-survey"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"There&#039;s more good news for the multifamily construction sector from the National Association of Home Builders rental market survey results, released this\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAHB Multifamily Survey\" \/>\n<meta property=\"og:description\" content=\"There&#039;s more good news for the multifamily construction sector from the National Association of Home Builders rental market survey results, released this\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/nah-multifamily-survey\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-28T12:00:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-24T09:03:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2012\/09\/constructionstart.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"230\" \/>\n\t<meta property=\"og:image:height\" content=\"185\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erica Rasc\u00f3n\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erica Rasc\u00f3n\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/nah-multifamily-survey\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/nah-multifamily-survey\/\",\"name\":\"NAHB Multifamily Survey - 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