The U.S. Multi-Family market finds itself in an odd spot. On the one hand, fundamentals remain strong, with healthy occupancies—even if they have softened somewhat from record highs—and rising rents.
Conversely, increasing expenses are eroding NOI, and the capital markets are dislocated.
For existing owners with long-term financing in place, many are holding, while those with near-term debt maturities will be forced to act.
Meanwhile, more than one million units are underway across the country.
This supply wave will have different implications market-to-market, with some facing a sizable influx of new product.
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