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November 28, 2017
Apartment Construction Cooling
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Growth in the apartment sector was key in pulling the U.S. housing market out of its slump a decade ago. But now as multifamily starts have nearly fully recovered from their decline during the downturn, there’s question as to what happens next.

Completions are up, the pipeline of new construction is leveling off and demand seems to be moderating. Given these factors, Dodge Data & Analytics estimate that apartment construction spending may retreat 8 percent in the year ahead, the second consecutive annual decline.

The effects of any slowdown in multifamily housing will have repercussions not only on the housing market but also in the broader economy and extend to other data, including industry payrolls and the consumer-price index.  

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Top News

TRENDS

What Renters Want

NREI highlights five takeaways from the results of the 2017 NMHC/Kingsley Associates Renter Preferences Report, a survey of more than 269,000 renters on the factors that guide their renting decisions. Want to know more? Check out the executive summary or infographic.

AFFORDABILITY

Rent Control Debate Heats Up in California

Local affordable-housing advocates around Los Angeles are gearing up for voter referendums on rent control initiatives in November 2018. At the state level, advocates have filed a proposed ballot initiative to repeal the controversial Costa-Hawkins Rental Housing Act, a state law that currently limits rent control to apartment units built before October 1978.

MEETINGS

NMHC Identifies Solutions to Housing Shortage at National Forum

NMHC President Doug Bibby and NMHC members Daryl Carter of Avanath Capital Management and Larry Curtis of Winn Development joined housing leaders from across the country last week at the 2017 Housing America's Families Forum

STUDENT HOUSING

Five Trends to Watch in Student Housing

NMHC executives outline the most notable developments happening in student housing now, based on takeaways from the recent NMHC Student Housing Conference & Exposition.

DEVELOPMENT

Wood High-Rise Construction Gains Popularity Amid Fire Concerns

Wood construction has been on the rise, as new wood technology makes the building material not only more suitable for higher density construction but also eco-friendly. Skeptics worry about increased fire risk, but proponents argue that new wood products are actually more fire safe. 

MEETINGS

Get Ahead in 2018 with the Apartment Strategies Conference (Jan. 16)

Start off the New Year right by attending this one-day, pre-Annual Meeting event dedicated to multifamily trends, data and insight. Our industry experts will give their takes on what 2018 has in store for the apartment business.

FINANCE

Fannie, Freddie Re-Enter the LIHTC Market

After pulling out of the Low-Income Housing Tax Credit (LIHTC) market during the financial crisis, Fannie Mae and Freddie Mac are once again able to invest in LIHTC equity. The re-entry is expected to provide additional stability to the LIHTC market, which has experienced volatility in the wake of tax reform talks.
In Case You Missed It
A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives.
Rent Growth Expected to Slow as Apartment Deliveries Continue

FHFA Lowers Lending Caps for GSEs

Bibby: Tax Reform Has the Potential to Solve the Housing Affordability Crisis

NMHC Takes on the Challenge of Meeting Apartment Demand

Construction Costs Rise for Apartment Projects

Turn Suburban Rail Station Parking Lots into Affordable Communities

Why Retail Landlords Are Turning to Apartments to Shore Up Their Properties

National Decline in Transit Ridership Affects Many Metro Areas

After Decades of Pushing Bachelor’s Degrees, the U.S. Needs More Tradespeople

Five Ways to Improve the Multifamily Demand Funnel

New Survey Examines Rental Insecurity

Tech Start-Up Estimates Value Not Just Cost of Amenities
Multifamily Market Dashboard

Foreign Investment in Apartments Grows

In the most recent Market Trends, NMHC’s research team spotlighted some data on foreign investment in U.S. apartments.

Data from Real Capital Analytics show cross-border inflows to the apartment industry hit a high-water mark of $20.0 billion in 2015, accounting for 13.0 percent of transaction volume of $153.4 billion that year. Cross-border volume slowed to $10.0 billion in 2016, but so far in 2017, volume is rising again, totaling $8.7 billion (8.4 percent) over the first three quarters.

Canada has been the main source of foreign investment in U.S. apartments, accounting for more than half of such investment from 2012-2017. The other main sources have come from Singapore, Israel, Germany and Switzerland. 


Upcoming Meetings
January 16, 2018, Hilton Orlando Bonnet Creek/Waldorf Astoria, Orlando, FL
 
January 16 - 18, 2018, Hilton Orlando Bonnet Creek/Waldorf Astoria, Orlando, FL
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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