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 Colleagues: Please click on the link near the bottom of this page for ARA's Fourth Quarter U.S. Market Update. Our fourth quarter report mimics the buzz at last week's National Multi Housing Council Annual Meeting in Boca Raton. Cap rates have decreased in 40% of ARA's 28 markets surveyed; capital is lined up to get an early start on the rental housing recovery; sellers are using brokers to market properties at now higher values and in turn generating 30+ offers and buyers are sacrificing lower going-in yields for the satisfaction of continued large discounts to replacement cost. Occupancies are mixed, with seasonal improvement in Florida. Effective rents are still fragile, unchanged in 16 of 28 markets and lower in virtually all of the rest. We're still feeling the effects of the "doubling up/moving home/shadow market alternatives" phenomenon until U.S. employment improves. The silver lining is the dearth of new units being started. Our National Practice groups included, (Affordable, Manufactured, Seniors and Student), there are only a few new projects entering the various markets across the country, and these are primarily in a few Midwest cities and Salt Lake City. Our industry remains positive and confident. It's sort of like smiling while getting a flu shot; we know the temporary pain will go away and in the end, we'll be very healthy! Please CLICK HERE to access ARA's Fourth Quarter U.S. Market update.
My Best, p.s. As always, drop me a line with any feedback you have. |
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