The natural apartment filtering process of new supply declining in quality and value as it ages has provided low-income renters with access to more affordable housing options. The Great Recession, however, caused a break in the filtering pattern, leaving a shortage of workforce housing supply during this recovery.
While many early technology solutions have been operationally focused, advanced technology like artificial intelligence and data analytics tools now allow owners to focus their efforts on improving the customer experience, panelists noted at the recent NMHC Annual Meeting in Orlando, FL.
Key strategies for development, including building for long-term holds and adapting to changing renter profiles, were discussed at the recent NMHC Apartment Strategies Outlook Conference in Orlando, FL.
Renter income growth In small multifamily properties was slightly above the national average, while large multifamily households saw market-leading gains.
Small multifamily rents have been growing faster in metro areas with rent levels below the national average. This phenomenon has, by and large, also been true for the large multifamily asset class.
Four major California cities were the most expensive areas in the nation for small multifamily rentals, reflecting the state’s ongoing affordability crisis.
Small multifamily rent growth is fueled by the asset class’ proximity to job centers, larger unit sizes and relative affordability to other rental property types.
Market reports and trends pieces topped the list of Chatter’s top 10 most popular posts of 2019. See the articles and topics that you found most interesting this year.
The U.S. metros have seen a shift toward large multifamily lending over the past year, with investors showing a preference for non-gateway markets offering higher-yield opportunities. This new annual report will identify the U.S. markets poised for growth in large multifamily lending activity, and will analyze the differences in origination volume across top markets.
Contrary to popular perception, more millennials are driving to work. However, older renters lead in the rate of car adoption.
Workforce segment renters living in small apartment properties are adapting to the changing economy, while also representing a broad occupational base.¹
Multifamily properties capture the largest share of the overall U.S. workforce rental demand, while single-family rentals are the largest individual asset class.
Rental demand from the workforce housing segment is on the rise, with a relatively higher concentration in single-family and small asset properties.
The share of household income spent on housing costs for small properties ranges significantly across the largest U.S. cities. Overall, this share has declined slightly with the ongoing economic recovery, improving affordability in recent years.