Apartment Buildings are BoomingWe’ve discussed this before, but it seems as though multi-family properties continue to be on our radar. Recently CoStar.com just drafted a report stating that over the next two years an additional 1.7 million new multi-family renters will hit the market scouting out an apartment. This sector of the real estate is the only one seeing improvement year over year across the nation.
In addition to low vacancy rates in the multi-family sector, economic data is showing that rents are rising without resistance from tenants. This is another indication that the sector will remain strong in the upcoming future.
Due to the constraints banks have placed on construction, new multi-family residence facilities are out of the question for many areas. In fact, CoStar.com reports that only 8% of the respondents are receiving construction financing.
If you are looking for investment opportunities, now may be the right time to purchase a multi-family facility and take advantage of the increased number of renters. Our firm is well-versed in this type of transaction and would be happy to find you a property that meets your needs and is within your budget.