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NMHC: Market Conditions Weaken for Apartment Deals
Market conditions weakened in the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions for April, as the industry confronts the COVID-19 pandemic. The Market Tightness (12), Sales Volume (6), Equity Financing (13) and Debt Financing (20) indexes all came in well below the break-even level of 50.
“Residents across the country are currently under directives to stay at home and practice social distancing in order to contain the spread of COVID-19,” said NMHC’s Mark Obrinsky in Washington, D.C. “As a result, much of the nation’s economic activity has been put on hold. With upwards of 20 million Americans now out of work, it is not surprising that 82% of respondents reported looser market conditions this quarter, and that just 5% observed a tighter market.”
He said some buyers are looking for deals, “but few sellers are willing to adjust prices downward.”
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- ◦Economy
- ◦Sale/Acquisition
