The apartment industry made a surprising recovery in 2010 from the “Great Recession,” and that recovery is reflected in the 2011 NMHC 50, the National Multi Housing Council’s annual ranking of the 50 largest apartment owners and 50 largest managers.
The NMHC 50 helps document the apartment industry’s evolution over time and helps identify trends within the sector and up-and-coming new players.
“The popularity of renting increased to its highest level since 1998,” noted Mark Obrinsky, NMHC’s Chief Economist. ”This translated into higher occupancy rates across the country even though job growth was only modest.”
“The recovery also spurred a rebound in apartment prices and transaction volume, which doubled to $31 billion,” added Obrinsky. ”And apartment prices gained substantial ground in 2010 after having fallen by 30 percent or more.”
Many of the changes documented by the 2011 NMHC 50 provide insights into the strategies adopted by apartment firms to survive the economic turmoil and to position themselves for the recovery.
One key change is that affordable housing providers, in the form of tax credit syndicators, have climbed to the top of the list as the largest owners of apartments. The top four slots on the owners list are now held by affordable housing firms: Boston Capital (No. 1), Centerline Capital Group (No. 2); Boston Financial Investment Management, LP (No. 3); and SunAmerica Affordable Housing Partners, Inc. (No. 4).
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