2013 was another banner year for the multi-housing sector. There is a growing sense, however, that the “easy money” has been made in U.S. multi-housing. The relatively low cost basis of 2010 and 2011 is a thing of the past, as land values and construction prices have steadily risen and cap rates have fallen significantly. In addition, increased development activity, projected slower rent growth and expected higher interest rates all could have an effect on valuation. Having said that, there continues to be an abundant supply of equity and debt capital from all types of foreign and domestic players. There were several noteworthy trends in 2013 that are worthy of further consideration.
Download the Capital Markets Multi-Housing Annual Market Trends Report | 2014