The market for apartment transactions has come to a virtual standstill, according to a recent report from National Multifamily Housing Council (NMHC) as buyers seek a higher rate of return that sellers are unwilling to accommodate via lower prices.
"The Fed's continued interest rate hikes have resulted in higher costs of both debt and equity and a higher degree of economic uncertainty," noted NMHC's chief economist Mark Obrinsky in prepared statements.
"The physical apartment market is also starting to normalize after six consecutive quarters of tightening conditions, with a majority of survey respondents reporting higher vacancy and lower rent growth compared to the three months prior."
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