Magazine article Mortgage Banking

HUD Says Multifamily Sector Improved during First Quarter

Magazine article Mortgage Banking

HUD Says Multifamily Sector Improved during First Quarter

Article excerpt

The multifamily housing market continued to improve during the first quarter of 2006, according to an analysis by the Department of Housing and Urban Development (HUD).

At the end of the first quarter, all multifamily production indicators were positive, absorption of new rental units was above recent record lows and the annual vacancy rate had declined from recent record highs, noted the HUD report, U.S. Housing Market Conditions.

Market absorption of new rental apartments was unchanged in the first quarter of 2006. Of new apartments completed in the fourth quarter of 2005, 64 percent were leased or absorbed in the first three months following completion.

"Although [the] absorption rate is historically low, it is considerably above the all-time low of 56 percent experienced in the fourth quarters of 2003, 2002 and 2001," said HUD.

The rental vacancy rate in the first quarter of 2006 was 9. …

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