Apartment market conditions continued to weaken in the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions for April, as the Market Tightness, Sales Volume, Equity Financing and Debt Financing indexes all came in well below the breakeven level (50). The latest results all represented continuing quarterly declines in the indexes.
Caitlin Sugrue Walter, NMHC’s VP of research commented that “apartment operators reported an uptick in vacancies and concessions this quarter. And while some of this softness can be attributed to seasonality, investors remain concerned about a coming wave of supply in some markets and slower economic growth prospects for 2023.” Just 11% respondents think that Federal Reserve can achieve a soft landing; meanwhile transaction market remains at virtual standstill.
The multifamily housing sector continues to experience weakening conditions according to NMHC’s survey findings with declining index levels across four key areas: Market Tightness marking its third consecutive drop; Sales Volume its fourth; Equity Financing its fifth; and Debt Financing its seventh quarter decline.
