Posted To: MND NewsWire

The National Association of Home Builders (NAHB) is expecting a weakened multifamily construction market this year driven by regulatory and supply-side dynamics along with slowing rent increases and higher vacancy rates. It will be short-lived, however, stabilizing in 2022. After increasing steadily for four years, rent growth flattened in 2020. Danushka Nanayakkara-Skillington, NAHB’s Assistant Vice President of Forecasting and Analysis told a press conference as part of the virtual 2021 NAHB International Building Show “Due in part to pandemic-related issues, rent growth in December 2020 was up just 0.4 percent from a year ago.” NAHB chief economist Robert Dietz said construction in the multifamily sector is performing better than nonresidential construction, but developers are facing headwinds…(read more)

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Source: Mortgage News Daily