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Re: Another of EJ predictions coming true-apartment and multifamily buildings on the rise
Yeah but then what? The article says their project will be finished in early 2013. Are they hoping to flip the towers to a sucker property management company before the supply / demand curve changes course again?...“There will be a spike in rents over the next one to three years,” Parker said in an interview at the company’s U.S. headquarters in Seattle...”
With the median rent in Seattle at $721, have to wonder how many people can / want to afford $2000 a month for a one-bedroom apartment.The supply of U.S. apartments could surpass demand by 2013 or 2014 as developers complete buildings being started this year and next, said Andy McCulloch, senior analyst at Green Street Advisors Inc., a Newport Beach, California-based firm that researches REITs.
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