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Apartment Market Declines Two Quarters in a Row: NMHC
Apartment market conditions weakened in the National Multifamily Housing Council’s latest Quarterly Survey of Apartment Market Conditions for July, as the industry continues to cope with the ongoing COVID-19 pandemic. NMHC said the Market Tightness (19), Sales Volume (18) and Equity Financing (34) indexes all came in well below the breakeven level (50). However, more positively, the index for Debt Financing (60) signaled improving conditions.
“Recent spikes in COVID-19 cases have caused many areas of the U.S. to scale back or completely reverse their attempts at reopening their local economy,” said NMHC chief economist Mark Obrinsky. “As a result, unemployment levels stand elevated in double digits as much of the nation’s business activity remains temporarily shuttered.”
He added that amid the current environment, “71% of respondents reported looser market conditions this quarter compared to the prior three months, marking the second consecutive quarter of deteriorating conditions.”
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- ◦Economy
- ◦Sale/Acquisition
