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April 15, 2015

NMHC 50 Shows Remarkable Expansion in 2014

The largest apartment owners, managers, developers and general contractors continued to grow their businesses in 2014, according to the newly released NMHC 50, an annual ranking of top apartment firms.

"While one might expect the apartment industry expansion to have reached its peak, we are seeing the opposite," said Mark Obrinsky, NMHC's senior vice president of research and chief economist. "Renter growth remains at historic highs and, for the fourth time in the past five years, we saw an increase of more than one million new renters."

Notably, all five of the biggest NMHC 50 owners specialize in affordable housing. The number of apartments in the portfolios of the NMHC 50 managers rose to an all-time high, just short of three million.

For the first time, NMHC also released lists of the nation’s Top 25 Developers and Top 25 General Contractors, in addition to the lists of top owners and managers.

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DIVERSITY

The Coming Diversity Boom

The population of the United States is growing larger and more diverse – and those two facts are transforming the apartment industry. “The new diversity boom will be every bit as important as the Baby Boom,” said William Frey, senior fellow for the Metropolitan Policy Program at the Brookings Institution during a session at the 2015 NMHC Research Forum, held recently in Washington, D.C.

MEETINGS

2015 NMHC Research Forum Recap

The multifamily industry's leading researchers gathered in Washington, D.C., last week for NMHC's annual Research Forum. Attendees tackled a wide-ranging agenda, from demand for apartments in the suburbs to the price of oil to the latest business intelligence tools. They also got on-the-ground insight into the dynamics of the metro Washington, D.C., market with tours of Onyx on First, Foundry Lofts and Twelve-12, new apartment developments in the area around the Navy Yard and the Nationals Stadium.  

MARKETS

Demand Stronger Than Supply, for Now

Cold weather held back both new construction of apartments and demand for apartments, according to the latest report from data firm Reis. Later this year, both are expected to come roaring back, with more supply than demand. “In a number of markets, there are cranes building apartments as far as the eye can see,” said Reis’ Senior Economist and Director of Research Ryan Severino. “Thankfully, because the market is currently so tight, it will take a number of years before the increase in vacancy stymies rent growth.”

TECHNOLOGY

Keeping Up with Dayton: 1 Gigabyte-per-Second Downloads for Residents

The race to provide the fastest Internet service to apartment residents just got a little faster. Residents at Water Street, a new apartment development in Dayton, Ohio, will receive Internet service that can download a gigabyte (1,000 megabytes) per second, through local Internet provider Extra Mile Fiber. The average household download speed in the U.S. is 34 megabytes per second in the U.S. and is just 21 MPS in Ohio, according to data from the OOKLA net index.

CONSTRUCTION

New Towers Rise in Historic Downtown L.A.

After decades of neglect, apartment and condominium towers are rising in Los Angeles’ historic downtown. Equity Residential is planning to replace a taco shop and parking lot with a new, $200 million, 33-story tower, next to an entrance to the city’s growing subway system. Several other new towers are planned to break ground over the next year.

In Case You Missed It
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2015 NMHC National Multifamily Compensation Survey Underway

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Multifamily Embraces Modular Construction

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A must-read for top apartment industry professionals, Apartment Wire is a timely review of emerging trends in apartment finance, development, management and technology and more, featuring both exclusive content from NMHC's staff of experts and provocative articles from across the web.
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THIS MONTH

2015 NMHC Spring Board of Directors Meeting

April 21 - 23, 2015
Waldorf Astoria New York  in New York, NY

2015 NMHC Emerging Leaders Speaker Series - NYC

April 21, 2015
JP Morgan Headquarters in New York, NY

 
Multifamily Market Dashboard

Consumers Aiming to Buy a Home on Next Move Reaches New Low

Only 60 percent of people say they would buy a home if they were to move, according to results from Fannie Mae's March 2015 National Housing Survey. That’s an all-time low for the survey.

“Consumers are being patient prior to entering the housing market. Our March survey results emphasize how critical attitudes about income growth are to consumers’ outlook on housing,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.

Fannie Mae expects consumer sentiment to improve if early signs of income growth continue. “Meanwhile, the wait for housing expansion continues,” said Duncan.



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