Magazine article Mortgage Banking

HUD Says Multifamily Sector 'Somewhat Mixed' in Second Quarter

Magazine article Mortgage Banking

HUD Says Multifamily Sector 'Somewhat Mixed' in Second Quarter

Article excerpt

The multifamily housing market was "somewhat mixed" in the second quarter of 2008 even as multifamily performed better than the single-family sector, according to U.S. Housing Market Conditions, an analysis by the Department of Housing and Urban Development (HUD).

Production indicators noted that building permits and starts increased, but completions decreased. Furthermore, the absorption of new rental units was unchanged but the rental vacancy rate fell in the second quarter of 2008, noted the HUD report.

"Conditions in the rental housing market showed little change from the first quarter of 2008, with a tiny decrease in the vacancy rate and no change in absorptions," said HUD.

The rental vacancy rate in the second quarter of 2008 was 10 percent, down 0.1 percentage point from the first quarter but up 0.5 percentage point from the second quarter of 2007.

Market absorption of new rental apartments was unchanged, with 59 percent of new apartments completed in the first quarter of 2008 leased in the first three months following completion. …

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