2018 Look Ahead: The Multifamily Market
As the new year approaches, we are looking ahead at what to expect in various real estate markets and sectors in 2018. Right now, a quick look at the multifamily market across the country.
Q: You are developing multifamily projects across the country, including the newly announced Rise Flagler Village in a trendy part of downtown Fort Lauderdale. Why do you think there will be an increasing demand for rental units in 2018?
Arthur Falcone: The country has been averaging 300,000 new rental units each year for the last several years. Historically, that’s not a high number. The numbers in 2017 were even lower. We think based on propensity to rent, and the amount of baby boomers entering the market, the country can easily handle 300,000-400,000 units per year depending on market.