Magazine article Mortgage Banking

Apartment Market Saw Boost in IQ

Magazine article Mortgage Banking

Apartment Market Saw Boost in IQ

Article excerpt

THE APARTMENT INDUSTRY POSTED "SIGNIFIcant" improvements during the first quarter of 2005, indicating that full recovery is in sight, according to the National Multi Housing Council (NMHC), Washington, D.C.

NMHC's quarterly survey of apartment market conditions noted 60 percent of senior apartment executives reported conditions tighter than three months earlier, while 36 percent reported no change and only 4 percent noted looser conditions.

The score of 78 on NMHC's Market Tightness Index was an all-time high, and the seventh consecutive quarter in which the index has been above 50. A score above 50 means fewer markets reported slower rent increases and increasing vacancy rates during the previous three months.

According to survey respondents, there were no markets where conditions worsened, and an increasingly large number of markets where demand improved during the survey period of January through early April.

All signs point to continued apartment market recovery, said NMHC Chief Economist Mark Obrinsky.

"After several years of flat rent growth and widespread use of concessions to fill apartments, a record 60 percent of respondents reported higher occupancy rates, rising rents or both," said Obrinsky. …

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