Multi-Housing News’ May 2012 Apartment Market Statistics section showed that apartment fundamentals continued to roar ahead.
February rental application processing rates were at their highest monthly averages since 2008, according to RentGrow. Apartment effective rents were up across the board in all major metropolitan areas, according to statistics from Marcus & Millichap. All major metro areas experienced drops in apartment vacancies, reveals the data from Marcus & Millichap. Meanwhile, apartment completions fell on average 37 percent in the fourth quarter compared to the same period a year ago.
The National Association of Home Builders (NAHB) reports multifamily starts were 175,000 units in January. However, the permit levels remain above 200,000 units on an annualized basis for the third consecutive month in January, NAHB reports.
For the May 2012 issue’s Apartment Market Statistics, click here.