RSS Feed by Calculated Risk on 1/23/2024 11:31:00 AM
Tuesday, January 23, 2024
NMHC and Fannie Mae Multi-Family Presentation
Yesterday, Chris Bruen, Senior Director of Research at NMHC and Kim Betancourt, CRE, Vice President, Multifamily Economics and Strategic Research at Fannie Mae presented the State of the Multi-Family Market (see video recording of presentation).
Here are a couple of slides from the presentation by Betancourt:
The first graph shows quarterly rents and the vacancy rate over time.
Rents surged in 2021, and then moved more sideways - and even declined in Q4 2023.
The vacancy rate bottomed in Q2 2022 and has steadily increased. This is due to a combination more supply and less household formation (not mentioned in the presentation).
The second graph shows annual rents and vacancy rates.
Fannie expects rent growth to be sluggish in 2024, and the for the vacancy rate to increase to 6.25%.
There are a couple of more graph in the presentation showing coming multi-family supply and rents by metro area.
The vacancy rate bottomed in Q2 2022 and has steadily increased. This is due to a combination more supply and less household formation (not mentioned in the presentation).
The second graph shows annual rents and vacancy rates.
Fannie expects rent growth to be sluggish in 2024, and the for the vacancy rate to increase to 6.25%.There are a couple of more graph in the presentation showing coming multi-family supply and rents by metro area.
