Multifamily market continues to strengthen

The multifamily property market looks like it will continue to expand.

The National Association of Home Builders released a report which showed that the multifamily market is showing significant improvements, and this should continue into next year.

While many Americans are getting involved in homebuying, there is still a sizable contingent of consumers who are renting, and this has showed in the increase of multifamily starts, the report noted. Starts rose 55 percent during 2011 when compared to 2010. In addition, the firm projects that starts will rise to 216,000 during this year, and this is significantly higher than 2011's figure of 177,000 units. However, the firm noted that this could increase further to 235,000 units by next year.

"No one is anticipating that an upward path for housing will run in a straight-line trajectory," said David Crowe, chief economist for NAHB. "The economy is in an uneven recovery and we can expect some corresponding ups-and-downs in the housing market in the months ahead."

Crowe added that more consumers who owned homes have left that part of the industry to start renting. While the firm doesn't think that the same high rate will continue, property management companies may notice the continued comfortable recovery.

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