Magazine article Mortgage Banking

HUD Says Multifamily Sector Mixed during First Quarter

Magazine article Mortgage Banking

HUD Says Multifamily Sector Mixed during First Quarter

Article excerpt

The multifamily housing market was a mixed bag during the first quarter of 2007 as the issuance of building permits increased while starts and completions declined, according to an analysis by the Department of Housing and Urban Development (HUD).

The rental vacancy rate in the first quarter of 2007 was 10.1 percent, up 0.3 percentage point from the fourth quarter of 2006 and up 0.6 percentage point from the first quarter of 2006, noted the HUD report, U.S. Housing Market Conditions.

By contrast, the first-quarter 2007 rental vacancy rate of 10.1 percent was near--but still below--the record-high quarterly vacancy rate of 10.4 percent, which was set in the first quarter of 2004, according to HUD.

Market absorption of new rental apartments improved in the first quarter of 2007. Of the 33,000 new apartments completed in fourth-quarter 2006, 57 percent were leased or absorbed within the first three months following completion. …

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