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VIDEO: “The Pent-Up Demand is Huge” for Multifamily
The set of opportunities awaiting multifamily owners and investors in the near and longer term is considerable, and the secret to unlocking those opportunities may vary depending on who you ask. At the National Multifamily Housing Council’s NMHC Annual Meeting, held June 8-10 at the Manchester Grand Hyatt in San Diego, Connect Commercial Real Estate asked four industry experts, each of whom provided a different answer.
In the view of Jeff Lee, president of NewPoint Real Estate Capital, opportunities for the next five years revolve around “data and analytics” and using these to create “a different experience for the customer.”
Powering the next 12 months, said NMHC COO Kenny Emson, will be the momentum that gathered steam during the pandemic. “The pent-up demand is huge,” he told Connect.
Advised Hessam Nadji, CEO of Marcus & Millichap, “The value-add component of our business still makes a lot of sense. It has continued to make sense whenever we have seen a market recovery or a new expansion cycle.”
SVP of acquisitions at Passco, Gary Goodman thinks the sheer demographic size of the combination of Millennials and the up-and-coming Generation Z will propel the market. At the same time, Goodman noted, “The cost of development right now is through the roof.” Accordingly, he doesn’t think we’ll be seeing a lot of new supply added, certainly not in secondary and tertiary markets.
Click on the video above for further insights from these industry leaders.
- ◦Lease
- ◦Sale/Acquisition
- ◦Economy
