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April 14, 2016
Investors Target Value-Add Deals
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Last year may have been a record year for multifamily transactions, both in terms of volume and pricing, but 2016 is shaping up to have slower deal flow.

Despite solid fundamentals, caution is creeping into the sector as investors take stock of a variety of factors, from the turmoil in the markets abroad and the uncertain interest rate environment at home to the slower rent growth and hefty price tags attached to multifamily assets.

Higher prices have recalibrated returns, pushing many investors to move from new development to value-add in search of yield. 

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Top News

NMHC 50

The Biggest of the Bigs Revealed

This year’s NMHC 50, the authoritative ranking of the country’s largest apartment owners, managers, developers and contractors, showed the industry’s heaviest hitters shoring up their positions and balancing their portfolios as both new and smaller industry players captured market momentum and moved up the ranks.

REGULATION

HUD Warns Against Blanket Bans of Ex-Offenders

New federal guidance upends many apartment firms’ no-tolerance criminal background check policies, requiring landlords to distinguish between arrests and convictions and provide additional justification in cases where applications are denied. For more, check out this WSJ article, featuring NMHC's Paula Cino

WORKPLACE

Are Women Really Making Progress in the Commercial Real Estate Industry?

CREW Network’s 2015 benchmark study of women in commercial real estate provided an in-depth picture of how things have changed since the peak of the last market cycle. Good news, women are more satisfied with their career progression; bad news, there’s a persistent gender wage gap

FINANCE

Lawmakers to Revisit Debate over EB-5 Visa Program

Lawmakers gear up for a new round of fighting over who should benefit from a federal program that offers green cards to certain foreign investors. Program supporters hope reform will save steady flow of foreign investment. (paywall)

DEVELOPMENT

Urban Green Space Cuts Down on Crime

A new body of evidence suggests that adding greenery in vacant or gray settings reduces criminal activity nearby.

MEETINGS

2016 NMHC Research Forum Recap

Jokingly referred to as NMHC’s nerd fest, the Research Forum is where the industry’s most analytical minds go to get up to their elbows in data and methodology. Last week’s meeting led to new insights in demographics, affordability, investment strategies and more. 

RESEARCH

Latest Quarterly Survey Underway

NMHC reminds all participating apartment firms to submit their survey responses quickly, as the survey will close soon. Catch up on last quarter’s trends here
In Case You Missed It
A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives.
Multifamily Market Dashboard

New Apartment Construction Skews Distribution of Rental Rates

Continued apartment rent growth has led some to question the sustainability of this trend and its affect on affordability.

To get a clearer picture of the issue, MPF turned to a violin plot to examine the distribution of effective monthly rents, comparing 2015 to 2008 (adjusted for inflation) for the top 50 and bottom 50 metro areas. Results showed that the rent distribution for the top 50 has become much more spread and skewed upward than for the bottom 50 metros.

This trend is even more pronounced when nine highly sought-after markets—New York, Boston, Washington D.C., Los Angeles, Orange County, San Francisco, San Jose, Oakland and Seattle—are run through the same analysis.

What’s behind the upward skew? More new construction in expensive, urban areas. 


Upcoming Meetings
2016 NMHC Emerging Leaders Speaker Series Chicago

 May 18, 2016 1871 Tech Incubator Chicago, IL

2016 NMHC Spring Board of Directors Meeting

May 18-20, 2016 The Four Seasons in Chicago, IL
About Apartment Wire
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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