Multifamily Construction Update (December 2020)
Multifamily developers continue to look for new areas to build that might show more resilience to ‘force majeure” events. The near-term answer appears to be
Multifamily developers continue to look for new areas to build that might show more resilience to ‘force majeure” events. The near-term answer appears to be
Multifamily construction delays continue to impact the industry, largely due to permitting delays and a lack of materials. Markets known for outsized 2010-2020 deliveries have
Gateway markets are continuing to be hurt the most by the pandemic, with San Francisco taking the most significant damage in both occupancy and rent
Unsurprisingly, the markets that have been hit the hardest in 2020 have continued this trend as we enter the 4th quarter. Primary/Gateway markets and urban
The impact of COVID-19 on the multifamily market continues to shift trends to suburban and southeast construction starts. The overall market remains mixed for the
As developers look to the future, multifamily construction has made a notable shift to lower-density markets. The overall market continues to recover, albeit slowly, with
Once again, rental growth trends are favoring slower, non-gateway markets. Primary markets and west coast markets are seeing the largest impact from COVID-19. Unemployment benefits
COVID-19 continues to cause delays across the multifamily construction industry. Still, as the economy opens up, signs of life are appearing across new proposals, permits,
Transaction volume is expected to significantly decrease compared to 2019, and declining rent growth and income growth will hit the coastal markets the hardest. Nationwide,
Rent Collection is beginning to slow in July. May collections were stronger compared to July but rent growth has continued to decline in certain areas.
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