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National Multi Housing Council's Mark Obrinsky

Mark Obrinsky discusses the current state of the multifamily sector with GlobeSt.com.

By Sule Aygoren Carranza | Updated on August 15, 2008

The results of the National Multi Housing Council’s latest quarterly survey are in, and it seems that the issues in the financial market are having a continued impact on the apartment industry. Demand is pretty steady, with the market tightness index dipping just four points to 44 over the quarter; half of the 89 executives that were polled in the July survey said conditions were unchanged from the first quarter.

But the other indices–sales volume, debt financing and equity financing, showed declines, with scores of 17, 13 and 11, respectively. (A score below 50 indicates conditions are worse than the prior quarter, improving conditions are above 50.) Nearly two-thirds of respondents said sales volume dipped, and that index has declined for 11 consecutive quarters. The reading of 13 for the debt financing index, down from 22, is the second-lowest reading on record and the fifth quarter in a row where it was below 50. For the equity financing index, meanwhile, the 11 was an all-time low. Not one executive surveyed felt that equity was more available than the first quarter, and nearly 80% said it was harder to find.

Mark Obrinsky, Washington, DC-based NMHC’s chief economist, spoke with GlobeSt.com recently about the survey’s findings, how they reflect the overall mood of those in the business, the uncertainty in the market and what it means for the apartment industry.

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