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The Challenges Plaguing Multifamily Developers

Despite a strong economy, affordability and construction costs remain a concern.

By Les Shaver | January 24, 2020 at 06:54 AM
Photo by Shutterstock

CLEVELAND—The strong economy has been great for apartment rent growth. But there is still a problem, according to George Currall, principal and the managing director of capital markets at NRP.

“Structurally, the economy is still not creating enough new housing,” Currall says “The supply of single-family homes never fully recovered after the Great Recession. Multifamily supply is strong, but still only picking up some of the slack from the single-family sector. That’s why we are bullish on multifamily. We view it as still having a lot of upside, even after a long run of great returns.”

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