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IRR: Multifamily Transactions Down, Market Rents to Increase in ‘18
When it comes to multifamily across the United States, the majority of markets seem to be in the expansion phase. According to research from Integra Realty Resources (IRR), 91.9% of metros are experiencing decreasing vacancy rates, medium-to-high rental rate growth, moderate-to-high new construction and high absorption.
IRR’s just-released “2018 Viewpoint National Multifamily Report” goes a few steps further, indicating that Salt Lake City, UT tops the list when it comes to year-over-year transaction growth rate, followed by Stamford, CT. The outlook for 2018? Look for market rents and cap rates to increase. Noted economist Hugh F. Kelly in the report: “The impact of (the recently passed Tax Act) in 2018 is likely to be a continued diversion of demand into the rental sector.”
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