As we roll through the “dog days of summer,” my thoughts turn to two things:
1. Upcoming pennant races - my Baltimore Orioles, while somewhat inconsistent, are at least relevant again.
2. Every multifamily executive’s (and associate’s) favorite activity - budgets (hopefully the dripping sarcasm is evident).
This year is a particularly interesting year for budgeting. After 5+ years of a multifamily bull run, 2017 will almost surely not be as good as 2016. Major data companies report YOY rent increases dropping to 3.5% vs more than 5% just a few months ago. Public companies like EQR have revised guidance downwards based on softening rent growth, and reports on new builds seem to indicate an increase in deliveries in 2017 rather than a corresponding decrease.Read More