{"id":7873,"date":"2015-05-18T12:02:15","date_gmt":"2015-05-18T12:02:15","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=7873"},"modified":"2015-05-18T12:02:15","modified_gmt":"2015-05-18T12:02:15","slug":"multifamily-boom-cant-last-forever","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/multifamily-boom-cant-last-forever\/","title":{"rendered":"Multifamily Boom Can’t Last Forever"},"content":{"rendered":"

Multifamily Boom Can’t Last Forever<\/h2>\n
\"Multifamily<\/a>

Multifamily Boom Can’t Last Forever. Image courtesy of photostock \/ FreeDigitalPhotos.net<\/p><\/div>\n

 <\/p>\n

At a forum on economic trends in commercial real estate at the 2015 REALTORS\u00ae Legislative Meetings & Expo, two prominent housing economists explained why investors should be wary about unbridled optimism about the apartment market.<\/p>\n

Sam Chandan\u2014author, professor, and founder of Chandan Economics\u2014said that, just in the way that investors were fooled into thinking that the housing market couldn\u2019t fail in the run-up to the most recent recession, so too should today\u2019s investors avoid the temptation to believe wholesale the glowing reports about rising rents and low vacancy levels in multifamily buildings.<\/p>\n

\u201cInvestors will tell you we\u2019re fundamentally a nation of renters now\u2026 that narrative ignores that there\u2019s a cyclical component,\u201d Chandan said. \u201cAs house prices begin to improve\u2026 there will be a significant subset of renters in the U.S. who will say now is the right time to be a homeowner.\u201d<\/p>\n

Chandan said part of the problem is thanks to the media, which is more apt to write about billion-dollar apartment acquisitions, making it easier for readers to see the multifamily market as ever expanding in terms of record-setting deals. He also noted that the belief is enticing\u00a0due to\u00a0the dominant\u2014but misleading\u2014narrative about the largest generational segment of the population.<\/p>\n

\u201cMillennials will always be millennials. They will not<\/em> always be in their 20s,\u201d Chandan said. \u201cYou can ask any 22-year-old throughout modern history, \u2018Do you want to own a minivan?\u2019 And they will say no. But one day they will.\u201d<\/p>\n

At the same forum, National Association of REALTORS\u00ae Chief Economist Lawrence Yun addressed the issue by looking at the data. He said that under normal circumstances\u00a0population growth tracks very closely with household formation, but currently the latter is lagging behind the former. He said that situation\u00a0should be good news for all housing segments.<\/p>\n

\u201cThere is a pent-up demand for household formation which can support home sales as well as an increase in the rental rate,\u201d Yun said, noting that the supply in multifamily new construction is still insufficient to meet market needs. \u201cIf you are an apartment owner and you are concerned that people will start buying homes, you don\u2019t need to worry too much.\u201d<\/p>\n

Yun noted that a growing employment rate might do the same thing for the office market, which is still well behind multifamily in terms of recovery: \u201cThey have squeezed the workers so much into these spaces\u2026 which means vacancy rates will likely decrease.\u201d<\/p>\n

Ultimately, Yun advised investors not to pull back, but to proceed with caution. \u201cWe do anticipate some growth activity,\u201d he said. \u201cYou may need to be more selective, discriminating.\u201d<\/p>\n

Chandan agreed: \u201cIt\u2019s not just the ability to find good deals. It\u2019s about having the discipline to be able to walk away from deals when they don\u2019t make sense.\u201d<\/p>\n

\u2014Source REALTOR\u00ae Magazine<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Multifamily Boom Can’t Last Forever   At a forum on economic trends in commercial real estate at the 2015 REALTORS\u00ae Legislative Meetings & Expo, two prominent housing economists explained why investors should be wary about unbridled optimism about the apartment market. Sam Chandan\u2014author, professor, and founder of Chandan Economics\u2014said that, just in the way that … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-7873","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nMultifamily Boom Can't Last Forever - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/multifamily-boom-cant-last-forever\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Multifamily Boom Can’t Last Forever\",\"datePublished\":\"2015-05-18T12:02:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/\"},\"wordCount\":507,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-10035322.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/\",\"name\":\"Multifamily Boom Can't Last Forever - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-10035322.jpg\",\"datePublished\":\"2015-05-18T12:02:15+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/multifamily-boom-cant-last-forever\\\/#primaryimage\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-10035322.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/ID-10035322.jpg\",\"width\":400,\"height\":266,\"caption\":\"Multifamily Boom Can't Last Forever. 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