After an "absolute record, blowout" 2021, the multifamily market will likely slow down, according to Kevin Fagan, head of CRE Analytics at Moody's Investor Services, who spoke Wednesday at the GlobeSt. MULTIFAMILY SPRING event.
While last year featured a 4.7% vacancy rate and 12.5% effective rent growth, Fagan pointed to the fourth quarter's "paltry" 2.9% effective rent growth.
"We do expect a slowdown, but that slowdown is still quite healthy," said Fagan.
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Raychel Lean
Raychel Lean is ALM's Florida bureau chief, overseeing the Daily Business Review. Email her at [email protected] or follow her on Twitter via @raychellean.
