SAN FRANCISCO—There will be no let up in multifamily housing for the next three years, specifically on California's coasts. That is according to a video report produced by Allen Matkins and UCLA Anderson.
In the video report, which GlobeSt.com has exclusively obtained, Jerry Nickelsburg, senior economist for UCLA's Anderson Forecast, says that economic growth drives multifamily housing, very often rental housing.
John Tipton, and attorney at Allen Matkins, says that multifamily also includes condo projects, which were hot in 2005, 2006, and 2007 but were then completely devastated. “What you are seeing now is the return in the condominium project, which maintains a very bright spot.”
But the strong demand is focused on coastal California, not the central valley or inland, says Nickelsburg. He points to the San Francisco market, which shows rental rates projected to increase, however, he also pointed out that vacancy rates will be going up as well. “In the Bay Area, there has been a surge of multifamily housing. The region has led the growth of multifamily across the state,” he says.
The information in the video is commentary based on a recent survey conducted by UCLA Anderson and Allen Matkins that showed no let up in the demand in the next few years.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
