“The apartment sector’s strength continues unabated,” said NMHC Chief Economist Mark Obrinsky. “Even as new construction ramps up, higher demand for apartment residences still outstrips new supply with no letup in sight. Despite the need for new apartments, acquisition and construction finance remains constrained in all but the best properties in the top markets.”
Key findings include:
1. Financing is available, but only for top-tier markets.
2. The Sales Volume Index dipped slightly to 54 from 57.
3. Equity financing continues three years of growth.
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