Demand for build-to-rent housing is expected to continue in 2023, despite recessionary fears, according to one industry watcher.
"This will be another 'up' year for BTR volume, but we are seeing somewhat slower leasing activity right now, reflecting recession fears," says Brad Hunter, President, Hunter Housing Economics, in advance of GlobeSt's spring multifamily conference in March, where he'll serve as a panelist. "Some concessions are emerging, and we are seeing a complete flattening of rent growth."
But Hunter says that while rents may go down a bit – his firm projects a "modest" 6% pullback – "by this Fall, we'll see rent growth come back again, and probably fairly strongly.
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