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NRP Group Plans Record Multifamily Starts for 2022, Breaking Ground on 6,000+ Apartments

Multifamily Sales Volume Down 12% in Q1 but Set for Rebound

First-quarter results for the multifamily sector were divided between year-over-year declines and long-term resilience, according to Newmark’s United States Multifamily Capital Markets Report for Q1. 

Quarterly sales volume in the apartment sector totaled $35.5 billion, a 12.0% drop from the year-ago period. However, March sales volume was up 13.7% from a year ago, mortgage debt outstanding rose to $1.7 trillion, up 8.2% Y-O-Y, and Newmark reports that sales volume is expected to pick up in the year’s second half due to demand from domestic and foreign buyers.

Similarly, trailing 12-month rent growth declined -0.9% as of March 31. However, Newmark reports that rents are projected to rebound sharply over the next two years.

Further, rent collections averaged 94.2% nationwide for Q1, a slight improvement from 94.0% in the fourth quarter of 2020. The majority of markets are now recording their highest collection rates in more than a year.

And despite operational challenges posed by COVID-19, Newmark’s Jonathan Mazur, Mike Wolfson and Sean Marmora report that multifamily annualized total returns as of Q1 were 1.7%. Historically, multifamily has outperformed following recessions


Inside The Story

Newmark’s Mazur

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).