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Multifamily comes out on top in commercial sector stability. The apartment market remained the strongest among commercial sectors per the the Nat'l Assoc of Realtors Chief Economist Lawrence Yun, who was optimistic about the commercial real estate sector.
Multifamily continues to see an increase in demand, along with higher occupany and rents in most regions. Interest rates have continued to stay extremely low, fueling the demand for multifamily housing. In fact, first quarter investment sales dollar volume increased 40% from that of first quarter, 2010, per CoStar Group. Some investors are seeking out ARM's as these rates have become more competitive. Lenders continue to stay conservative with their lending requirements, likely due to uncertainty with Freddie and Fannie, which presently back approximately two in every three multifamily loans. Nationally, the vacancy rate for apartments is low at 5.8%, a nice decrease from two years ago. Locally, the vacancy rate also remains very low for complexes in the Quad-Cities. Effective rent growth has averaged 4.65% for the year ending in February per Axiometrics; this has been the largest gain since 1996.
The national unemeployment average dropped to 9.0% for April, 2011. The Iowa Quad-City unemployment rate for Scott, Muscatine and Clinton Counties all decreased to 6.7%, 6.8% and 6.5%, respectively. Iowa's rate decreased to 6.0%, which has consistently stayed below the national average. Three Illinois Quad-City rates have stayed relatively the same for April. The rates were: 8.6%, 8.8% and 10.0% for Henry, Rock Island and Whiteside Counties, respectively. Whiteside County's unemployment rate increased to 11.2%. Illinois' rate decreased this Spring to 8.7% for April.
Multifamily is my specialty; I've been in the real estate business for over 30 years dedicated to apartment sales. With almost 50 years of combined experience, my sales staff, combined with our excellent support staff, are able to provide exceptional service to our clients while assisting them through the buying and selling process. We know the multifamily market and we stay current on issues that are important to our clients such as local/national/global economic issues and events, current interest rates, apartment vacancies, supply & demand issues, cost of construction, etc. All of our clients have a personalized marketing plan for their property(ies). We utilize the multiple listing service; the internet: LoopNet, Catylist, postlets, Craigslist, CCIMNet, CoStar; local, regional and national newspapers including the Wall Street Journal and our promotions that go out to investors all over the U.S.
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