Multifamily market may boom in 2012

The multifamily market could experience increases this year.

Property management companies may experience a positive upturn in the multifamily market this year, according to a report from Cassidy Turley.

The firm's Spring 2012 U.S. Multifamily Report explained that more than half of metropolitan areas tracked actually had vacancy rates lower than 5 percent. In addition, every area experienced an improvement in total rentals. This is expected to continue throughout the year, and with continued increases in employment, the market could be set for substantial improvement.

Continued multifamily improvement has been a theme post-recession for multiple reasons.

"Over the course of the last two years, multifamily has emerged as the strongest commercial property type in terms of overall demand and asset appreciation," the company said in the report.

New York City experienced the lowest vacancy rate in the report, while Minneapolis, Portland, San Jose and Seattle all had vacancy levels below 3 percent.

Furthermore, the report explained that many younger people, especially the "echo boomer" population, are coming to the age and financial ability to rent. These consumers could help keep rental figures at elevated levels for the foreseeable future.

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