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Multifamily Property Owners Nationwide Reap Rewards from Economic Uncertainties

DALLAS-More apartment dwellers had stayed put in the wake of economic uncertainties that had interest rates rising, stock portfolios dwindling and job concerns rampant. Demand still failed to fuel hardy rent growth nationwide, says M/PF Research's quarterly analysis.

By Connie Gore | Updated on February 14, 2001

DALLAS-Apartment dwellers nationwide seemingly had abandoned lofty hopes for home purchases in the fourth quarter in what had proven to be a boon for multifamily property owners.

Although rent growth had been relatively nominal, demand had been at its peak. Fourth quarter leasing had followed a historical pattern for slow leasing, says M/PF Research in its US Apartment Market Report. The Dallas-based research firm says occupancy has topped fourth quarter 1999 by 1.5 points. The national occupancy rate had averaged 96.4% in December, down just a fraction from third quarter tallies, according to M/PF’s calculations. More importantly, the September to December slip had been only about half of the average slide that has been recorded in the past five years.

At the root of a successful period for the multifamily industry had been months of rising interest rates, job concerns and declining stock portfolios. “A continued strong performance in 4th quarter 2000 was encouraging,” said M/PF Research editorial director Greg Willett. “More economic uncertainty probably helped apartment communities retain residents during the past few months.”

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