Fannie Mae Multifamily Report Cleveland ecxess supply

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Joseph Todd
Investor · Santa Monica, CA · Member since 2017 · 24 posts · 18 votes
9y

Perhaps I'm reading it wrong, but the Fannie Mae report actually says that job growth in Cleveland will outpace new MF development. They attribute this to construction costs being the same across all markets while Cleveland has comparatively low rent. The analysis in this article seems to be geared more towards prospecting developers than smaller investors looking to buy existing inventory.

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  • Johnathan Norman
    OP
    Seattle, WA · Member since 2014 · 56 posts · 45 votes
    9y

    and yes i know i misspelled the title.. can't edit :-( 

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  • Joseph Todd
    Investor · Santa Monica, CA · Member since 2017 · 24 posts · 18 votes
    9y

    Perhaps I'm reading it wrong, but the Fannie Mae report actually says that job growth in Cleveland will outpace new MF development. They attribute this to construction costs being the same across all markets while Cleveland has comparatively low rent. The analysis in this article seems to be geared more towards prospecting developers than smaller investors looking to buy existing inventory.

    2Reply
  • Aaron HowellBusiness Member
    Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
    9y

    @Joseph Todd that's the way I read it also.  

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  • Steven Gillmer
    Investor · Boerne, TX · Member since 2015 · 139 posts · 71 votes
    9y

    What I got from it is with MF unit growth outpacing job growth, that would negatively impact rents, thereby the opposite should be true if job growth is stronger. That would make me want to purchase a small apartment in those markets with confidence that my rents should have a higher probably of going up and being filled.

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