CREF Emerging Trends panel The fact that there’s no class-B apartment space being built and that income growth is not keeping up with rental-rate growth only exacerbates the housing crisis, panelists said.

SAN DIEGO—Multifamily lenders need to keep an eye on income growth and factor it into their underwriting standards, in addition to being aware of decreasing affordability in the market, speakers at MBA’s CREF/Multifamily Housing Convention & Expo 2017 here told attendees at yesterday’s “Emerging Trends in Multifamily” panel. Despite these detractors, the sector is looking healthy and should continue on this path for quite some time, the speakers said.

David Brickman, EVP and head of multifamily for Freddie Mac, said he expects continued growth ahead for multifamily, even with oversupply reported in select markets at certain price points. Supply and absorption are issues in some areas, but rent is growing, and cap-rate spreads are healthy. “I don’t see the elevated concern being seen in certain corners.”

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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