The National Association of Home Builders (NAHB) informs MHProNews multifamily will continue to lead the recovery of the overall housing market in the coming years, now standing at 70 percent of the way back to a sustainable level. NAHB Chief Economist David Crowe says, “We are forecasting construction of 299,000 new multifamily residences in 2013. While this is an improvement from just a few years ago, it is still well below the 350,000 units that are required to keep supply and demand in balance.” Although tight credit continues to be somewhat of an obstacle, as does the rising cost of building materials, Lance Swank of the Sterling Group in Mishawaka, Ind. says, “The market continues to improve as new household formations generate demand, especially in the market-rate rental segment. There is also a change in attitude toward renting—people like the flexibility it gives and the option to be able to easily move to another city or state for a job opportunity.”
