Multifamily

WASHINGTON, D.C. — All indices in the National Multifamily Housing Council’s (NMHC) October 2024 Quarterly Survey of Apartment Market Conditions showed more favorable conditions this quarter, except for the Market Tightness (37) index. The survey’s Sales Volume (67), Equity Financing (63) and Debt Financing (77) indices all came in above the breakeven level of 50. “The 10-year Treasury yield fell 28 basis points over the past three months as the Federal Reserve enacted its first 50-basis-point cut to short-term rates,” says Chris Bruen, NMHC economist and senior director of research. “Survey respondents, in turn, reported more favorable conditions for debt financing for the third straight quarter and more available equity financing for the first time in two-and-a-half years.” However, elevated levels of multifamily deliveries resulted in the ninth consecutive quarter of “looser” conditions, especially in the South and Sun Belt markets, says Bruen. “Still, strong demand for apartments has meant that much of this new supply is getting absorbed,” he states. While close to half of respondents (46 percent) thought market conditions were unchanged relative to three months ago, 40 percent indicated markets have become looser, up from 27 percent in July. Fifteen percent of respondents reported tighter markets than …