Value of recently closed transactions
Closed sales in most recent year
The multifamily housing market is one of the most active investment classes for both private and institutional investors, and the industry’s 35 million residents drive a $1 trillion annual contribution to the U.S. economy.
Multifamily Properties Available Now
Marcus & Millichap is a leader in the private and institutional multifamily investment sales markets. Our National Multi Housing Group (NMHG) focuses on the private client market typically with transactions valued between $1 million and $20 million. The firm's Institutional Property Advisors (IPA) division services clients with transactions valued at $20 million and above. Both groups provide multifamily owners and investors with the industry's best investment real estate research, financing, advisory and transaction services. NMHG and IPA multifamily investment specialists provide unparalleled market knowledge, access to qualified investors and transaction expertise.
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Economic Tailwinds, Demographic Momentum Maintain Low Vacancy, Rent Growth
Broad-based job growth triggered a substantial wave of new rental household creation last year, driving down national vacancy for the sixth consecutive year and supporting robust rent growth. The national vacancy rate tumbled to 4.2 percent in 2015 as hiring spread beyond the major metros into secondary and tertiary locations. The surge in tenant demand occurred while developers were also placing in service a significant number of new, primarily Class A rentals. Some of the construction makes up for the dearth of completions during the recession, but last year marked the highest annual volume registered so far during the current upturn in the property cycle. Roughly half of the rentals completed since the economic recovery began were delivered in the past two years combined, and several hundred thousand additional rentals are on tap in the year ahead. Low vacancy and consistently strong rent growth continue to enable many projects to pencil out and will maintain a full project pipeline over the near term.
Further expansion of U.S. payrolls and other emerging drivers will maintain a tight range of vacancy and back sizable growth in the average effective rent this year. Demographic trends will underpin solid operations as millennials entering the workforce and forming households and older adults downsizing from owner-occupied housing combine to form the leading edge of new demand. Millennials comprise an especially formidable and vast force; more U.S. residents are in their early 20s currently than at any time in history. The single-family housing market also continues to provide a lift to apartment demand. Higher downpayment requirements, limited construction of starter homes and stringent mortgage underwriting continue to suppress single-family home purchases by first-time buyers. These trends are delaying the transition from rentals to single-family homes, and the extended residencies in apartments that result are mitigating turnover and re-leasing concerns for multifamily property owners.