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> Multi-Family Rental Supply, July 2009Amidst reports of sharply higher rental vacancy rates and falling effective rents, the prospect of a shortfall in the amount of available multi-family rental housing might be considered a far-fetched proposition. Consider, however that the combination of currently weak market conditions and a highly restrictive financing environment have taken a clear toll on new multi-family development, as evidenced by recent sharp declines in multi-family permits and starts. It is unlikely that the downturn in multi-family construction will soon be reversed, while coming years will see demographic changes, including the coming of age of Generation Y, that can be expected to significantly boost the demand for multi-family rental housing. © Mission Residential. All rights reserved.
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