of a year ago, approximately 130 properties in
Seattle were participating in the program, with
another 90plus in development and expected
to begin leasing MFTE units by 2018.
Superstar Seattle aside, experts in every corner
of the nation agree that the multifamily sector
remains appealing to investors and developers,
and rental housing continues to attract
“intentional renters,” people who can afford to
purchase homes but choose to rent instead. But
what goes up must come down.
“We’re coming off six extraordinary years
from a demand standpoint, from rental
appreciation, from however you want to
measure it,” says CBRE’s Rice. “And 2016 was
no exception.” Rice notes some cooling: “We’ve
built a lot of highend supply, creating softness
in the urban cores. It’s not in theskyisfalling
level, but you’ll see softness for this year, then
we’ll begin to get back into balance in 2018.”
And that’s a good thing, says Obrinsky of
the National Multifamily Housing Council.
“What we’re seeing now is a much more normal
balance between supply and demand. But
normal is good for people in the apartment
industry,” he says. “Owners, managers and
developers aren’t trying to catch an upsurge.
Anyone who wants to be in business for the long
term is happy with a nice, steady market.” F
Rebecca Kavanagh is a freelance writer based
in metro Detroit.
Experts in every
corner of the
nation agree that the
to investors and