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With Apartment Living on the Rise, Where Does That leave the Single Family Market?

first_imgHome / Daily Dose / With Apartment Living on the Rise, Where Does That leave the Single Family Market?  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share Save About Author: Staff Writer Q4 of 2016 saw a rise in completion of multifamily homes, including apartments and condominiums, according to the most recent Survey of Market Absoption (SOMA), which is produced by the U.S. Census Bureau in conjunction with the U.S. Department of Housing and Urban Development. Apartment completions—classified as buildings with 5 or more units—rose to 73,300 in the final quarter of 2016, a 9 percent increase year-over-year from 67,300. Similarly, condominiums and co-op completions were up to 6,500 from 3,200 a year prior. In the last two years, there have been over 250,000 new apartments entering the market, and the number of completed condominiums has more than double from 2014 to 2016—increasing from 8,000 units to 19,000 units. Absorption, however, has been down for both apartments and condominiums. The number of apartments rented within 3 months of their completion was at a near-decade low—48 percent—compared to 55 percent a year prior. Absorption numbers haven’t been below 50 percent since Q4 of 2009. Condominium absorption numbers are also faltering at a much higher rate than apartments. Only 47 percent of condos completed were absorbed in Q4 2016, compared to 81 percent in Q4 2015. The last time condominium absorption rates saw numbers that low was in Q4 2011. The report notes that, because completions of new multifamily housing has been on the rise for the last couple of years, it is not out of the ordinary that absorption would slow in the face of a larger inventory. The slowdown, although steep compared to Q3, does not entirely point to an emerging trend, the report also notes. Apartment absorption has been on the rise since Q3 of 2015, and condominium absorption has stayed above the latest dip in Q2 of 2015 for six straight quarters. June 23, 2017 1,732 Views Tagged with: Absorption Multifamily homes SOMA Servicers Navigate the Post-Pandemic World 2 days ago Absorption Multifamily homes SOMA 2017-06-23 Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago With Apartment Living on the Rise, Where Does That leave the Single Family Market? Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, News Previous: Defaults: How Low Can They Go? Next: Are the Days of the Seller’s Market Numbered? The Best Markets For Residential Property Investors 2 days agolast_img read more

QPR wait for news on defender

first_imgLuke Young will undergo a fitness test before QPR boss Mark Hughes names his line-up for today’s game against Everton.The defender has been sidelined with a hamstring problem but returned to training this week and Hughes is optimistic he will be available for selection.Young is expected to at least make the bench for the match at Loftus Road, which Rangers badly need to win as they battle against relegation.AdChoices广告Follow West London Sport on TwitterFind us on Facebooklast_img