Preliminary trends for the apartment sector in the second quarter showed the asset class climbing to new heights, while office continued its COVID-initiated "bumpy ride."
That's according to Moody's analyst Lu Chen, who notes in a new analysis that despite increasing geopolitical tension and hawkish policies from the Federal Reserve, the sector delivered another quarter of record growth in Q2.
Vacancy was down another 20 basis points from Q1 to hit a five-year low at 4.5%, dropping by 90 basis points year over year. And though construction remains slow, demand is strong: net absorption for the quarter clocked in above 30,000 units.
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