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Apartment Market Conditions Improving, According To National Multi Housing Council Quarterly Survey
October 29, 2009The apartment market is showing signs of improvement, according to the National Multi Housing Council's latest Quarterly Survey of Apartment Market Conditions. The survey showed increased sales activity and improvements in the availability of debt and equity capital compared with three months ago. The Sales Volume Index hit its highest level in four years, while the Equity and Debt Financing Indexes were the highest in three years. Only one index--the one measuring market tightness (vacancies and rent levels)--remained below 50 (index numbers below 50 indicate worsening conditions), but it also showed improvement over the prior quarter, rising from 20 to 31. "The broad improvements in sales volume and debt and equity financing suggest the transactions market may finally be thawing," noted NMHC Chief Economist Mark Obrinsky. "Nearly half (45 percent) of respondents indicated that the gap between what sellers are asking for and what buyers are offering--the bid-ask spread--has narrowed." Full release.