As per the report, the Market Tightness Index, which measuresvacancy and rent rates, was 60; numbers above 50 indicate that morerespondents experienced improved conditions in their area thanthose who saw worsening conditions. With regard to property sales,the Sales Volume Index reached 65, compared to last quarter's 54.The Equity Financing Index reached 59, a five-point increase overthe second quarter of the year, and the Debt Financing Indexsurpassed last quarter's numbers by a whopping 22 points at 58.
"The combination of modest economic growth, strong demographictrends, and the rising cost of homeownership compared with rentingis leading to greater demand for apartment residences," says MarkObrinsky, NMHC's chief economist. "Right now the only thing holdingthe industry back is the still-weak labor market."
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