APARTMENT MARKET STATISTICS: May 2015
According to forecasts by Marcus & Millichap, 210,000 units will be completed in 2015 in major metropolitan areas, with average effective rents of $1,219 and average vacancy rates of 4.8 percent.
Click here for multifamily market statistics from the May 2015 issue of MHN.
According to forecasts by Marcus & Millichap, 210,000 units will be completed in 2015 in major metropolitan areas, with average effective rents of $1,219 and average vacancy rates of 4.8 percent. Average price per unit sold in 2014 is estimated at $121,231.
Growth in housing starts of buildings with five or more units started 2015 on a strong note, according to the National Association of Home Builders (NAHB).
Existing condo and co-op sales, measured at a seasonally adjusted annual rate, fell by 3.5 percent over the month of January 2015, reported NAHB. According to NAHB, median existing condo and co-op sales prices rose by 5.3 percent on a not seasonally adjusted basis over the past year to $198,300.
Rents rose slightly faster than overall inflation, as measured by core-CPI, according to NAHB. Over the last 12 months, the CPI decreased by 0.1 percent, its first 12-month decline since October 2009. The decline in the CPI largely reflected falling energy prices—gasoline prices in particular, stated NAHB.
Weighted average price per unit of apartment properties sold bumped up to $129,557 per unit in the fourth quarter from $113,828 per unit the quarter before, according to PPR/Costar. This level is the highest registered in the past few years, with the exception of 1Q in 2013.
