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The housing market is on its yellow brick road to recovery, and transactions that will finance growth for builders and single-family rental operations are blossoming like the field of poppies in The Wizard of Oz. For the first time in many years, acquisitions, initial public offerings (IPOs), and private placements are simultaneously available to the housing industry.
Forecasting an acquisition blizzard
Apartment builders continue to feverishly build to capitalize on rising rental rates and favorable demographics, but construction is reaching danger levels in some markets.
Uniquely Competitive Environment
With homeownership costs at the lowest levels in decades and a surge in vacant single-family rentals, renters have plenty of options these days.
- The average monthly cost of homeownership is currently equal to or below the average rental rate in most markets.
- The move-out to purchase ratio (as reported by the apartment REITs) has risen to 14% from 11% in 2010.
The chart below compares the multifamily permit activity over the last 12 months to the 22-year average for the top 22 apartment markets.