Multifamily’s most active data crunchers gathered in
Washington, D.C., last week for NMHC’s annual Research Forum. Attendees
got a deep dive into the apartment market’s underlying demand
fundamentals, emerging demographic trends and go-to housing data
sources, as well as on-the-ground insight into the dynamics of the metro
D.C. market. (Click here for more information on the event, as well as access to all presentations.)
The two-day event concluded with a tour of Trilogy NoMa and Flats 130 properties in the NoMa neighborhood of D.C.
Discussion highlights included:
The
economy is improving but today’s declining household formation has yet
to recover in any meaningful way, leading to a corresponding negative
impact on housing demand. The extent of effect on future demand is
unknown, but one researcher estimated that three million households are
missing from the demand equation.
Multifamily
is still a favored place for capital, but the landscape has gotten more
crowded and competitive for both equity and debt. Where does this leave
the CMBS market?
Industry
experts expect that some of the rapid acceleration in key metrics may
temper as the industry transitions to a more mature growth phase, but
long-term prospects for the industry look solid well into the future.
Experts
are beginning to split the Millennials into groups by various
demographic and socioeconomic factors to gain a deeper understanding of
what drives their patterns and preferences. Precision marketing is
likely to be the order of the day.
Economic
and demographic shifts have boosted demand for walkable urban
development. Academic researcher Chris Leinberger shows why it makes
good “cents” for businesses and local jurisdictions.
NMHC
thanks all speakers and attendees for their participation in the event
and reminds all to submit their feedback on the event here.