It’s getting harder and harder to find an available unit in multifamily real estate.
On average, rent rose 2.9% year over year, slightly higher than the historical average of 2.6%.
In Q3, builders completed 66,300 new units.
But, the net absorption of 307,600 units outpaced the completion of the 256,000 units for the year, meaning the high levels of multifamily demand nationwide sustained throughout the year.
According to CBRE’s report, this quarter marks the seventh in a row in which construction starts exceeded 100,000 units. This means that deliveries will remain high through at least 2020.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.