I thought I’d write a blog about some good news, at least for multi-family developers. No, costs aren’t coming down, nor are interest rates. But rents for multifamily are going up! According to rent.com through April 2022 apartment rents nationwide for two bedroom apartments are up 22.8% in a twelve month period. In some areas that are close to us they are up even more. Orlando rents are up 38.2%. Cincinnati is 37.8%.
So while costs are up and interest rates are threatening to rise, rents in many areas more than make up for this, creating opportunity. Rent.com goes on to say that the shortage of supply coupled with increasing demand and increasing inability of people to purchase homes is causing this phenomenon.
Good news for multifamily developers.
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