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Freddie Mac sees apartment mortgage originations rising 8% this year to an estimated $336B, as housing demand continues to outpace supply, according to its Multifamily 2019 Midyear Outlook.
“Performance in the multifamily market ended 2018 much stronger than anticipated and has remained relatively healthy through the first half of 2019 despite a slower first quarter,” according to the report.
Rent growth is expected to grow around 4% for the full year.
Five-plus unit multifamily completions are on pace in 2019 to exceed the last few years– to 365K units annualized as of June vs. 345K seen in each of the past two years.
Assumes 2018 multifamily originations of $311B (final numbers won’t be available until the fall of 2019).
Also assumes interest rates stay on average at ~2.2% for the rest of this year.
Note: The views expressed are solely the opinion of the author.
Video/Image source: Pixabay
Source: Liz Kiesche, News Editor, Seeking Alpha