Second quarter data strengthens the industry narrative of a growing recovery across almost all asset types, says Moody's Analytics REIS in a new report.
"There's mounting evidence across property types—certainly multifamily—that concessions have burned off and are no longer available for most deals," Allen Benson, Chief Information Officer at Catylist, told Moody's. "Six to nine months ago, renters expected one or more months off a typical 12-month lease; those days are gone."
For example, the much-expected multifamily turnaround is officially here, with asking and effective rents both turning positive in Q2 and the vacancy rate staying flat at 5.3%.
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