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Multifamily Capital Markets Update (November 2019)

Multifamily capital markets trends in November remain stable with cap rates slightly decreasing as the agencies jump back into the market. The 10-year treasury and LIBOR are also declining, reducing the cost of capital.

Below are key takeaways from the following reports:

3Q 2019 United States Multifamily Capital Markets Report – Newmark Knight FrankLink

National Multifamily Report – October 2019 – Yardi MatrixLink

U.S. Multifamily Figures Q3 2019 – CBRE – Link

Download the PDF version of this report here:

3Q 2019 United States Multifamily Capital Markets Report

Newmark Knight Frank

  • Average per door price has eclipsed $181,000 nationwide
  • Major growth markets in the south continue to benefit from capital inflows
  • Canada comprises 65% of international capital flowing to US Multifamily
  • Demand continues to outstrip supply nationwide

National Multifamily Report - October 2019

Yardi Matrix

  • Rent growth in Western growth markets lead the nation with Phoenix, Las Vegas and Sacramento on top
  • High cost markets in the West have some growth challenges given the current high cost of living
  • Occupancy continues to hover around 95% and will continue to do so in most markets

U.S. Multifamily Figures Q3 2019

CBRE

  • For the 2nd year, absorption has eclipsed deliveries nationwide.
  • Year over year, deliveries are down 10%
  • Vacancy is 3.6% nationwide, lowest since 2000
  • Capital and loan underwriting have remained stable for the past year