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April 12, 2017
2017 NMHC Research Forum Recap

Apartment researchers and industry executives gathered in Dallas last week for the 2017 NMHC Research Forum to learn about the latest and greatest tools and methodologies, emerging data trends and new investment opportunities.

However, given the evolving market dynamics, much of the discussion was focused on identifying potential challenges to multifamily property operations and value as well as opportunities for preserving and/or enhancing income and value. To that end, there was also a lot of discussion of the potential cost-benefits of current tax reform efforts, given the strong political push behind them. 

John Duca, associate director of research and vice president at the Federal Reserve Bank of Dallas, offered some insight as he dissected commercial real estate valuations, identifying to what degree taxes, general risk premiums, capital requirements and interest rates shape them.

His conclusion was that the “net effect of fiscal and budget changes depends on how the effect of higher interest rates (if cap rates go up, prices go down) nets relative to the impact of possibly lower taxes and firmer economic growth on raising after-tax cash flow (if cap rates go down, prices go up).”

More highlights from the event are below. NMHC thanks all sponsors, speakers and attendees for their participation in the 2017 NMHC Research Forum.

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INVESTMENT

Better Returns in the 'Burbs

Many suburban areas have been quietly outperforming their urban counterparts, leading some apartment investment firms to switch gears. But those suburban investment opportunities may look a little different than historical suburban developments, and finding them requires some new research tools.  

FINANCE

Capital Markets Continue to Be Cautious

Debt sources shift focus from construction lending to permanent financing opportunities while investment capital continues to target value-add deals. 

MARKETS

The Concession Overcorrection

New supply hits the market in many metros, throwing key market metrics out of whack. But the noteworthy rise in concessions may be more of a knee-jerk reaction given some of the underlying fundamentals. 

TAX

Tax Reform Two Ways

Researchers dissect the House’s blueprint for tax reform, looking at the potential effects on both renter after-tax income and multifamily returns. 

INVESTMENT

A Single-Family Rental Surge

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RESOURCES

Download Presentation Materials

All the presentations from Research Forum are available for member download. An equally great resource for those who want a second look as for those who want to check out the info for the first time. 
Thank You
NMHC thanks all attendees, speakers and sponsors for contributing to another productive Research Forum. We also invite members to check our meetings calendar for a list of upcoming events. Registration is currently open for the Spring Board of Directors Meeting and Emerging Leaders Speaker Series events in New York and Dallas.
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