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National glut of apartments

By Patrick following x   2018 May 22, 9:19pm 1,064 views   7 comments   watch   nsfw   quote     share    


Apartment landlords can no longer raise rents like they used to. So many new apartment units are opening that the percentage that vacancy is inching higher across the country.

This year “will likely remain challenging for many landlords and apartment investors," says Victor Calanog, chief economist and senior vice president in the New York City office of data firm Reis Inc. ...

All the new development is putting stress on the apartment sector. "Vacancies have been rising since late 2016 as a veritable avalanche of new supply (a record high for some areas) works as a counterbalancing force," says Calanog.

In spite of the overbuilding and declining rents, the article seems desperate to say that the apartment market is "strong". In fact, it uses the word "strong" eight times in the article, as if repetition creates truth.
1   Hugolas_Madurez   ignore (4)   2018 May 22, 9:29pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

Patrick says
In spite of the overbuilding

Whoa, whoa! Slow down a bit! How did we get from cries of "we're not building any housing" to "overbuilding" and "glut" so fast?
2   just_dregalicious   ignore (0)   2018 May 22, 9:31pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

There are a ton of brand spanking new huge apartment complexes near my rental houses in San Antonio. The parking lots are almost empty.
3   APOCALYPSEFUCKisShostikovitch   ignore (38)   2018 May 23, 6:08am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Just flip the buildings or turn them into condos and flip those to fugitive PRC Army officers and Russian oligarchs of which there are unlimited supplies.


Why does everyone hate winning?
4   everything   ignore (1)   2018 May 23, 8:43am   ↑ like (0)   ↓ dislike (0)   quote   flag        

They've been building allot in my city as well, I mean really allot. More said luxury with tile and laminate, thin floors, etc. which I've been in and have not been impressed, higher ceilings sometimes. Some more solid, like concrete patios, but we all know what happens to concrete, it blows out and cracks, once the cracks come, the rebar rusts, and it blows out even worse. Rents seem ridiculously high in the city. Country, or rural, that's different.
5   Tenpoundbass   ignore (14)   2018 Jun 27, 5:53pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

We need 20 Major Cities!
6   Strategist   ignore (2)   2018 Jun 27, 8:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Feux Follets says
Commercial/Multifamily Debt Growth Largest Since Recession

Multifamily and commercial mortgage debt grew by $44.3 billion in the first quarter of 2018, a quarter-over-quarter increase of 1.4 percent, and the largest gain since before the Great Recession. The total debt at the end of the quarter was $3.21 trillion with the multifamily portion increasing by 19.3 billion or 1.5 percent. It was the third straight quarter that overall debt grew, the first time that has occurred since 2007.

That's a good sign. It indicates we are finally recovering from the Great Recession. Increased borrowing, higher economic activity, higher GDP, good employment numbers, all go hand in hand.
7   Patrick   ignore (1)   2018 Jun 27, 9:40pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

There is overbuilding, just not in the places where the jobs are, like the SF Bay Area.

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