Nationally, the apartment market (both in sales transactions as well as new development) is the strongest sector in real estate. Since mid-2010 all four of NMHC’s indices have been positive, showing greater demand for apartments and more availability both debt and equity. (from the National Multi-Housing Council’s Quarterly Survey, via Calculated Risk).
In California, multifamily construction has more than doubled since the trough of 2009, but single family construction has been flat to slightly down over that same period.
Doug Bibby, president, National Multi-Housing Council, noted that not only are multifamily developers eagerly buying land and filling development pipelines, but also many single-family businesses are looking at the multifamily sector, as this product type continues to be weak. (from MHN Online)
The job market is continually improving (if more slowly than most would hope for).