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Greg Willett Willett says most economists are calling for a general slowing of economic growth or mild recession.

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RICHARDSON, TX—The potential of a recession is on many people’s minds and has been for at least a year. Many experts say we are overdue for at least some sort of correction. The question is whether this will be a minor dip or a full-blown recession?

In this exclusive, Greg Willett, chief economist at RealPage, recently provided his insights on how a potential recession would impact the real estate market including its impact on construction/permits, occupancy and rental rates across all major markets. Real estate professionals will be relieved to know that most economists are calling for a general slowing of economic growth or mild recession, rather than the sort of huge economic correction suffered during the Great Recession.

“In turn, negative impact on the housing market generally and the apartment sector specifically shouldn’t be especially severe,” Willett tells GlobeSt.com. “Given concerns about possible cooling, apartment owners and operators have been striving to fill their properties when the renter demand has been there in recent months, even if that has meant leaving a little money on the table in rent achievement. Thus, occupancy at the end of the third quarter has climbed to over 96%, around 150 basis points over the long-term norm.”

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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