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July 31, 2014

Multifamily Mid-Year Outlook: Finding A New Normal

Rental Housing
Multifamily Mid-Year Outlook

Multifamily market demand continues to be strong at the national level and is expected to remain so, at least through next year.


  • The multifamily rental housing market is strong despite the fluctuating macroeconomic indicators in the first half of the year.
  • Supply of new multifamily units is being absorbed by demand and market fundamentals are expected to remain strong over the next two years, converging towards historical averages.
  • Multifamily debt origination volume will pick up in the second half of this year, projected to end the year around $161 billion, or $11 billion less than in 2013. The volume in 2015 is projected to increase slightly from 2014.
  • An estimated 3.9 million potential households weren’t formed due to the Great Recession, with young adults accounting for close to 75 percent of them.
  • Over the next decade, an estimated 440,000 multifamily units may be needed each year to meet the growing demand, based on demographic trends.

A short preview video and the complete mid-year outlook are available here.

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