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U.S. Apartment Market Heads for Record Deal Volume in 2021

U.S. multifamily investment sales volume roared back to its usual self in the second quarter, Newmark reported. The 238.1% year-over-year surge to $52.7 billion represented the largest sequential increase on record. 
 

With year-to-date deal activity of $92.1 billion, volume is 7.2% ahead of 2019’s pace, a year in which apartment investment sales achieved record annual volume of $192.5 billion, Newmark says. Also representing a new high is capital allocation to non-major markets: 81.1%, a new record. 
 

Dry powder rose to an all-time high of $234 billion earmarked for investment into commercial real estate. Year-to-date, $74.3 billion has been set aside for investment into residential properties, with 71.1% of that tally directed toward value-add and opportunistic strategies. 
 

On a quarter-over-quarter basis, multifamily effective rent rose by 3.8% in Q2, the highest single-quarter growth rate on record, says Newmark. Demand, meanwhile, has significantly outpaced new supply. 

Pictured: The Urban in Phoenix, which TruAmerica Multifamily acquired in May.

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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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