An ongoing mega theme in housing markets is the increased number of households, that in the past would be homeowners, but today are relegated to being renters. The trifecta of student loan debt, increased mortgage loan underwriting requirements and rising down payments (read Qualified Mortgage here) have stimulated growing demand for rental housing.
MultiFamily Executive reported a summary of data from REIS, Jones Land LaSalle and Pierce Eislen ranking the markets with the most units under construction.
They include:
To read the entire article and associated data click http://www.multifamilyexecutive.com/construction/top-10-metros-with-most-units-under-construction_o.aspx?dfpzone=home&utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=MFEBU_022014&day=2014-02-20
Want to see the building permits for your local market? Fortunately the Real Estate Center at Texas A&M has a great site aggregating single family and multifamily residential building permits. Click http://recenter.tamu.edu/data/bp/
Are we overbuilding any markets yet? Washington, D.C. once again gets a nod in this direction, with rising vacancies. Marcus and Millichap is forecasting an increase in the D.C. area vacancies by 80 basis points to 5.9 percent in 2014.
Ted