➤➤Join the GlobeSt.APARTMENTS (formerly RealShare)conference October 29-30 in Los Angeles. The event will analyze theopportunity in the emerging trends and conditions of themultifamily market. Don’t miss out on joining the 1000+ of theindustry’s top owners, investors, developers, brokers andfinanciers as they gather for THE MULTIFAMILY EVENT OF THEYEAR! Clickhere to register and view theagenda.

IRVINE, CA—The multifamily sector showed the most robust growthamongst all CRE sectors—multifamily, office, industrial, retail andhotel—in the first quarter of 2019, according to Ten-X Commercial’sMultifamily Market Outlook.

The first quarter of 2019 marked the first time in five yearsthere was a decline in the number of new rental properties comingto market, according to the report. This decrease helped themultifamily market vacancy rate hold steady in the upper-4% range,the level it’s been since Q3 2018. Yet these figures are relativeas the actual number of vacant apartment units remains at itshighest since mid-2012, Ten-X reported. As the number of newapartments begins to decline, those on the market will be rentedfaster.

Construction is expected to scale down next year, causingvacancies to rise to a predicted 5.7% before quickly being absorbeddue to the continuing increase of household formations, Ten-X ChiefEconomist Peter Muoio said in prepared remarks.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.