The story of the couple selling their home in the suburbs and moving back into the city to live out their golden years isn’t always the case.
One great surprise in this market has been the general resiliency of the Class A urban apartment. While new construction in some urban markets have dealt with concessions, the asset class has held up well as this cycle matures.
“We spend a lot of time thinking about supply because we see it,” says Jay Lybik, Vice President, Research Services at Institutional Property Advisors (IPA) at NMHC’s Apartment Strategies Outlook Conference in San Diego. “We see the cranes, but we don’t see the demand.”