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Positive Shifts Ahead in Multifamily: NMHC
February 06, 2023
“It is unusual for us as the industry darling to face valuation challenges, slowing rent growth and somewhat soft renter demand,” Hessam Nadji, president & CEO of Marcus & Millichap, said of multifamily to the attendees of the National Multifamily Housing Council’s 2023 Annual Meeting. “Very unusual.”
Based on the surface of the facts facing multifamily, some outlooks can look scary. Multifamily unit absorption, according to Nadji, has turned negative while a multitude of apartments are under construction currently as well as were delivered in 2022. The industry is also currently facing the fastest economic tightening since 1980. However, as we pace further in 2023, Nadji expects we will start to reach normalization and have clarity on where the markets are going.
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Based on the surface of the facts facing multifamily, some outlooks can look scary. Multifamily unit absorption, according to Nadji, has turned negative while a multitude of apartments are under construction currently as well as were delivered in 2022. The industry is also currently facing the fastest economic tightening since 1980. However, as we pace further in 2023, Nadji expects we will start to reach normalization and have clarity on where the markets are going.
