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The U.S. Multi-Suite Residential Rental Sector Rebound Continued in 2022: Morguard
The U.S. Multi-Suite Residential Rental Sector Rebound Continued in 2022: Morguard ...
About this update from Morguard Corporation
[{"type":"text","content":"\n \n \n \n The U.S. Multi-Suite Residential Rental Sector Rebound Continued in 2022: Morguard\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Nov. 15, 2022\n \n \n /CNW/ - Morguard Corporation (\"Morguard\") (TSX: MRC) today released its\n \n \n 2022 U.S. Economic Outlook and Multi-Suite Residential Rental Market Fundamentals Mid-Year Update\n \n \n , providing a detailed analysis of the 2022 U.S. real estate market and trends to watch for in the first half of 2022 and beyond. The mid-year update revealed that the multi-suite residential rental sector strongly rebounded from the pandemic-induced slowdown. Demand surged during 2021 and the first half of 2022 fueling record-high rent growth, decade-low vacancy, and a sharp increase in construction activity in many of the country's largest metros. Over the near term, the sector will settle into a more moderate recovery pace with demand remaining stable and healthy.\n \n \n \"Recovery from the pandemic has been swift and unparalleled for the multi-suite residential rental sector,\" said\n \n Keith Reading\n \n , Director, Research at Morguard. \"Investors looked to capitalize on the sector's recovery and high rent growth as national investment sales reached record highs. Looking forward, investors will continue to be interested in the sector and anticipate attractive returns.\"\n \n \n \n Multi-Suite Residential Rental Real Estate\n \n \n The U.S. multi-suite residential rental demand surged to a record high during 2021, a trend that carried over into early 2022. As a result, vacancy fell to a decade-low in many markets as renters found available options increasingly scarce. Rents increased and experienced double-digit growth in some regions. Property values climbed to a record high and cap rates to a record low, driven by outsized demand. Subsequently, construction activity spiked with decade-high completions and starts reported in several markets.\n \n \n The U.S. multi-suite residential rental market outlook is generally positive. Rental de...