Job Growth Continues to Fuel Multi-Family Housing

Six months ago, it looked as though multi-family development at the mid- to high-end had reached a peak and that land and building prices had edged out lower end projects. This still seems to be the case, at least for more modestly priced apartments, but sentiment reversed itself in the current survey. California continues to be a leader in job and income gains which allows for an increase in rents and a stronger outlook for occupancy rates. Multi-family developers now see opportunities in new projects for the coming three years in every market.