As per the report, the Market Tightness Index, which measures vacancy and rent rates, was 60; numbers above 50 indicate that more respondents experienced improved conditions in their area than those who saw worsening conditions. With regard to property sales, the Sales Volume Index reached 65, compared to last quarter's 54. The Equity Financing Index reached 59, a five-point increase over the second quarter of the year, and the Debt Financing Index surpassed last quarter's numbers by a whopping 22 points at 58.
"The combination of modest economic growth, strong demographic trends, and the rising cost of homeownership compared with renting is leading to greater demand for apartment residences," says Mark Obrinsky, NMHC's chief economist. "Right now the only thing holding the industry back is the still-weak labor market."
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