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Investors Have Backed Away from “Walkability” in Making Multifamily Plays Prices have fallen for assets with higher walkability scores while they ve been rising for assets in more spread out, car-centric communities.
It’s been good year for anyone tired of hearing about the high value of “walkable” apartment properties.
Walkability has become a buzzy concept in residential circles in recent years, propelled in part by “walk scores” metrics developed by Redfin and other competitors. These numbers are meant to gauge how many key amenities are within easy walking distance of the residences in a community, underscoring less need for getting in a car to run every errand.
Homeownership Trends Having Little Effect on Multifamily Investment Even with a tick up in homeownership, the percentage of apartments that are vacant has not risen much since the pandemic began.
Just because more people are buying homes, that doesn’t have to hurt the outlook for investment in rental apartments, according to housing economists.
The percentage of people who own their own homes rose sharply in the second and third quarters of 2020, according to U.S. Census data. Usually such a spike would mean millions of renters had moved out of their apartments and bought homes of their own. And for much of 2020, there were many anecdotal stories of Americans relocating during the pandemic from urban apartments to suburbs or less expensive secondary and tertiary urban markets.
Multifamily Properties Are Positioned for a Strong 2021 The rollout of a vaccine and the likelihood of more federal COVID-19 relief measures in the near term will help sustain the apartment sector.
The multifamily sector weathered the storm in 2020, living up to its reputation as one of the most stable commercial real estate asset classes. The forecast for apartments in the new year is also bright. And even with where things sit today with the still raging pandemic and the terrifying scene that unfolded in the nation’s capital last week, observers point to the continued rollout of vaccines and the likelihood of new COVID-19 relief measures with the new administration and Democratic control of Congress as reasons for high hopes for the balance of 2021.