The holiday season is just around the corner and multifamily occupancy nationwide is as strong as its been in the past two decades. Talk about a generous early gift.
The investors taking advantage of the historic demand for apartment housing are those with the accurate, reliable data necessary to stay ahead of the competition. To that end, we at Berkadia are so proud to see our meticulously collected research getting put to good use.
Multifamily Industry Influencers highlights how Berkadia’s market-leading research is being utilized by our peers and partners in the multifamily industry. This month’s Industry Influencers covers October 1 – October 31.
Crain’s Business Talks Cleveland With Mark Vogel
Senior Managing Director Mark Vogel recently sat down with Crain’s Business Cleveland to talk about his passion for commercial real estate and to dish out his thoughts on the future of commercial real estate in Cleveland.
“Overall, we’ve had more development in the last five years than in the last 25 years. In this period, capital has never felt more comfortable in Cleveland. We still have a growth spurt ahead of us,” said Vogel. “We also need more housing close to employment centers as people now want to live near where they work.”
- Growing Professional Workforce – Cleveland’s professional and business services sector grew by 3.7% over the last 12 months, expanding the local pool of renters searching for high-end rental housing. Berkadia’s latest Cleveland Multifamily Report has additional insights about the local job market.
Miami Herald Discusses 3Q Analysis With Charles Foschini
The Miami Herald recently did a comprehensive write-up of the multifamily industry in South Florida. Not surprisingly, the article made extensive use of Berkadia’s recent third quarter Multifamily Report.
Reporters focused in on the report’s analysis of rent growth performance and reached out to senior managing director Charles Foschini for further insights.
Foschini emphasized that the slowdown in rent growth made sense considering “the increased number of units in the market, which covers Miami-Dade, Broward and Palm Beach counties.” As a result, apartment operators are competing for a smaller pool of renters that is “vibrant but selective.”
- Sustained Apartment Demand – Residents in Miami and the surrounding area absorbed just under 11,600 apartment units over the past 12 months, according to Berkadia’s South Florida Multifamily Report. This is not far behind the 12,900 units delivered one year prior, evidence the area has room for additional development.