This webinar will cover the major issues facing the multifamily housing market with an emphasis on the outlook for new construction. Coverage will include discussion regarding the preference for owning vs. renting, availability of credit for residential purchases by the consumer and for developers, the direction and speed of change in interest rates, the outlook for multifamily condominium units, and availability of labor for construction.
Why should you Attend: Since 2004, the rental rate among households has risen from a low of a little under 31% to about 36%--approaching its 1985 high. The popping of the housing bubble and the resulting tumble in housing prices instilled a fear of ownership in many. For those who defaulted on their home mortgage, they have not had the choice to own due to their poor credit record. Demand for rental units have put rents on an upward trajectory for the past several years, making most multifamily projects profitable.
But how long will this trend persist? Rising rents and low house prices make home ownership more attractive. Many of those who had defaulted on their home mortgage have now repaired their credit and may be in a position to buy once more. Or will fear of ownership and heavy debt, including student debt, still rule the day? To what extent will expected Federal Reserve tightening and rising interest rates limit future multifamily projects?
This session will explore the implications of these and related issues on the outlook for the multifamily market, and consequently for the economy and your company.
Areas Covered in the Session:
Overview of the U.S. economy
Implications for the multifamily market from:
Household preferences for rental vs. purchase
Federal Reserve tightening
Skilled labor shortage
Outlook for multifamily construction of rental and for-sale projects
Who Will Benefit:
AVP, VP, SVP
Building Materials Suppliers
Bernard MarksteinBernard Marksteinis an economic consultant who provides analysis and forecasts of the national economy and construction activity as well as tracking developments in building materials prices. Dr. Markstein is an accomplished speaker who is frequently quoted in the national press and in trade publications and also has been interviewed for both radio and TV, including Bloomberg TV and Nightly Business Report on PBS.
Prior to being an economic consultant, Dr. Markstein was U.S. Chief Economist for Reed Construction Data (now CMD) where he followed and forecasted commercial construction activity. Before that, Dr. Markstein was Senior Economist and Vice President, Economic Forecasting and Analysis, for the National Association of Home Builders, providing analysis on national and regional housing issues, developments and trends in the multifamily housing market, and the forces affecting building materials prices.
Dr. Markstein received a Bachelor of Arts Degree in Economics from Brown University and a Doctorate in Economics from Yale University.