Negative demand means more renters moved out of than into apartments during a specified period. What does that mean for future multifamily investments?
In fact, apartment demand turned negative last quarter, the first Q3 in at least 30 years that such a phenomenon occurred, according to RealPage Inc. The summer months are typically strong for the for-sale and rental housing markets, making the Q3 drop in demand this year particularly significant.
"Multifamily’s share of total investment grew steadily even in the pre-pandemic cycle, and the past two or so years have only further solidified apartments as a highly coveted space for investor groups," he added. The housing market has cooled very rapidly in Boise in recent months, although rental rates have yet to decline. They grew only 0.2% between July and August, though., originations and underwriting director at New York-based Churchill Real Estate, said his company looked at tertiary markets that boomed in the wake of remote work during the onset of the pandemic. Churchill typically focuses on workforce-housing deals, or properties that can rent at or below 140% of the area median income.
When a deal in the Lehigh Valley of Pennsylvania first crossed his desk, Robertson said, it was a"no" initially. But after checking out the area, one of the most prolific warehouse markets in the U.S. that services much of the Northeast, his team's thinking changed. Some of the apartment deals Pangea closed on recently were in places like Moscow, Idaho; Bend and Eugene, Oregon; Kennewick, Washington; and San Luis Obispo, California.
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