Apartment prices continue to increase. Price per unit of apartments in the first quarter was $147,257—increasing from $110,380 in the fourth quarter, according to PPR/Costar. However, fewer properties were transacted—2,193—compared to 3,556 in the fourth quarter.
Apartment completions in the top 30 metros more than doubled in the first quarter compared to a year ago, according to data from Marcus & Millichap Research Services. Apartment rents increased by 3.1 percent to $1,156 nationally in the first quarter, while apartment vacancies held steady at 5.1 percent for these metro markets.
Meanwhile, multifamily permits reached their highest monthly reading since late 2007, according to the National Association of Home Builders (NAHB). Permits in April skyrocketed to a seasonally adjusted annual rate of 374,000 units, or 55 percent higher than in the same period last year.
Condo and coop sales are now 15.7 percent higher than during the same period a year ago, according to NAHB. And prices are the highest since summer of 2009. At the same time, condo and coop inventory remains thin, falling 25 percent from last year, reports NAHB. Currently there is a 4.9 month supply for condos and coops.