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REAL ESTATE INSIDER

SVN predicts strong multifamily performance

SVN|REALSITE’s midyear multifamily outlook for Baltimore metro area predicts a solid performance for the sector.

The company is anticipating occupancy to average 94.5 percent through the current year and multifamily sales transactions to trend up to 6.2 percent in 2017.

While jobs growth is expected to increase by 1.6 percent this year that is down from 2.2 percent the year before. Rents are not expected to increase.

“Over the coming year, the number of development projects will continue to increase, with expected supply increases roughly unchanged. Despite the new supply hitting the market in 2017, steady job growth and pent-up housing demand from the millennial generation should sustain a healthy multifamily sector outlook,” according to a post on CVN|REALSITE’s website.

Earlier this week a report by trade groups supporting multifamily construction estimated the Baltimore metro area will need nearly 23,000 new apartments in the next 13 years to keep up with demand.

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