National + Apartments | April 27, 2023

NMHC Survey Shows Continued Weaking in Multifamily Market Conditions

Apartment market conditions continued to weaken in the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions for April, as the Market Tightness (31), Sales Volume (26), Equity Financing (23) and Debt Financing (29) indexes all came in well below the breakeven level (50).

The latest results all represented continuing quarterly declines in the indexes, with Market Tightness marking its third consecutive drop, Sales Volume its fourth, Equity Financing its fifth and Debt Financing its seventh.

“Apartment operators reported an uptick in vacancies and concessions this quarter,” said NMHC’s VP of research Caitlin Sugrue Walter. “And while some of this softness can be attributed to seasonality, investors remain concerned about the coming wave of supply in some markets and the prospect of slower economic growth in 2023.”

Just 11% of respondents think the Federal Reserve can achieve a soft landing, Walter said, adding, “The transaction market, meanwhile, remains at a virtual standstill.”

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NMHC's Walter

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 GlobeSt.com 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).

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