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Published on: 3/23/2007
Last Visited: 3/29/2007
Mark Santoni Realtor, RECSPhone (650) 216-3333Fax
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Apartment market analyst Marcus , Millichap reported this week in its 2007 National Apartment Report, by year-end, vacancy rates should improve 20 basis points to 5.1 percent (putting occupancy rate at nearly 90 percent), compared with a decline of 40 basis points in 2006.
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Days before Marcus , Millichap's report, the National Multihousing Council issued a release to say the subprime mortgage market meltdown also bodes well for the apartment market.The growing rates of foreclosures are forcing tens of thousands of former, often short-term home owners back into rentals.
The council suggests the national policy that puts home ownership at the center of the American Dream is flawed unless rental housing is included as viable, affordable shelter.
Likewise, the Marcus , Millichap report found "Housing affordability has plummeted in most major markets, and deteriorating credit quality will likely result in further cutbacks in riskier first-time buyer loan programs."
Marcus , Millichap's report goes on to say owner-occupied housing is so expensive, the disparity between the average rent and typical mortgage payment is at its widest point in 25 years.
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