2B — March 25 - April 14, 2016 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
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O wners , D evelopers & M anagers By Glenn Ebersole, Hollenbach Construction, Inc. 2016 – A great year for multifamily housing T he multifamily hous- i ng marke t l ooks very strong in 2016.
investors are looking to focus on markets that include the older Millennials in their prime renting ages of 20 to 34 years. Another significant driving factor is job growth and as this growth continues in 2016, a pent up demand for apartment rentals is likely to emerge from this generation that tends to delay marriage, having children and becom- ing home owners This Millennial generation tends to be drawn to cities that offer job opportunities as well as a lifestyle that appeals to them. According to Ella Shaw Neyland, presi- dent of Irvine, Calif.-based Steadfast Apartment REIT, a multifamily investor and developer, “The Baby Boom- ers were considered to live to work, as we were focused on working. And the Millennials work to live. So they want to live somewhere where they like living there.” Rather than maintaining a house and yard, both groups prefer to use their disposable “in the ‘experience generation” and continued on page 8B
maybe 4.9% at the end of 2016, with new supply. But that continues to be lower than the long-run average. And we expect that rent growth will be consistent with a strong occupancy en- vironment.” Freddie Mac’s forecast is for multifamily income growth nationally to average 2.4% in 2016, based on the top 70 metro areas. While Freddie Mac expects that rental growth in most metro markets will slow down, it is still likely to be above the average growth seen histori- cally. This growth is supported by Millennials not ready to commit to purchasing a home and Baby Boomers who have decided to give up all the headaches that are associ- ated with home ownership. This means that the multi- family construction sector is expected to see continued robust activity through 2016 and probably beyond. The Millennials are a very powerful driver of the multi- family housing growth and
Surveys are i nd i ca t i ng that unit va- cancies are d own , j o b g r owt h i s strong and the supply of rental ap- plicants is
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growing on a national basis. Rent growth has outpaced the long-term average and property values have in- creased considerably since the Great Recession. The Na- tional Multifamily Housing Council (NMHC) on January 19th, 2016 indicated that now is a great time to be in the multifamily housing industry. According to Steve Guggen- mos, Freddie Mac’s director of multifamily research and modeling, “Our forecast is that there will be continued strength in the market. We see vacancy rates going from somewhere in the range of 4.5% at the end of 2015 to
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