Renter demand and tight supplies are fueling expansion in the apartment sector.
The ’10s are the apartment decade. Indeed, multifamily has become the darling of commercial property investors, whose seemingly endless appetite for product has pushed cap rates for Class A properties below 5 percent in many top markets. “Multifamily is the only sector to enter the expansion phase of the cycle so far. Average cap rates for multifamily have also returned to pre–financial crisis levels,” says Gleb Nechayev, senior managing economist for CBRE Econometric Advisors in Boston.
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