A shortage of housing supply was already making home buying less affordable prior to the COVID-19 pandemic, and then months of quarantine only exacerbated people’s desire to spread out into larger living spaces, expanding housing demand.
This higher ratio value is fueled by a tight labor market, causing the demand for labor to press upward on the demand for housing. This is true in all the major metropolitan areas that CONTI tracks.
Based on this data and further breakdowns by our experts, CONTI believes that the multifamily market harbors strong fundamentals, and vacancy rates will remain low relative to historical norms despite a swell of expected construction deliveries.
First-time homebuyers who might have been able to secure a mortgage with little trouble a decade ago are facing increasingly difficult odds today.
In cities across the country, apartment hunters are in for a difficult time finding a place to call home – the U.S. multifamily market is effectively full, a phenomenon which has never occurred before.
