Bob Pinnegar

➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don't miss out on joining the 1000+ of the industry's top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.

ARLINGTON, VA—Multifamily developers and investors aim to rapidly build new projects as the demand for multifamily housing increases. In addition to new construction, they are also repurposing existing properties located in prime locations inside and outside of the urban core.

"Over 349,000 units were built in 2017 but they are all now absorbed. We have a 4.6 million unit deficit in the multifamily sector," says Bob Pinnegar, president & CEO of the National Apartment Association.

With so many residents clamoring for multifamily space, the demand for housing remains high with renters. A case can be made for the appeal of all three major categories—Class A, Class B and Class C assets.

Class A

The Class A multifamily property is the luxury apartment, located in prime and convenient areas and is "equipped with all the bells and whistles including fancy gyms, pet showers/groom areas plus resort-style amenities and finishings," says Pinnegar.