CONCESSIONS EASING
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Speaking of multifamily, there's a bit of good news out there for owners. They're not needing as many concessions to fill those units, says Dale Henson with Dale Henson Associates, which tracks metro multifamily data. Concessions are going down for suburban garden-style apartments mainly because landlords are saying, ??The heck with it, let?s just price to the market,?? Dale tells us. Since last year, concessions fell by nearly 45% to $33/unit, with rents falling an average of $757 to $721/month. And while rents continued to decline, occupancy in both urban and suburban apartments rose as more people could afford them. Dale expects further strengthening in the multifamily market as occupancy improves and new supply is constrained by capital availability. |
