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U.S. Multi-Suite Residential Rental Market Activity Expected to Increase in the Second Half of 2024: Morguard
U.S. Multi-Suite Residential Rental Market Activity Expected to Increase in the Second Half of 20...
About this update from Morguard Corporation
[{"type":"text","content":"\n \n \n \n U.S. Multi-Suite Residential Rental Market Activity Expected to Increase in the Second Half of 2024: 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 March 18, 2024\n \n \n /CNW/ - Morguard Corporation (\"Morguard\") (TSX: MRC) today released its\n \n \n 2024 U.S. National Economic Outlook and Multi-Suite Residential Rental Market Fundamentals Report\n \n \n , offering a comprehensive analysis and insights into the 2024 U.S. real estate market and economic landscape. The multi-suite residential rental market's rent growth will be modest in 2024 as demand falls short of new supply during the peak phase of the construction cycle. The U.S. economy is expected to expand at a relatively solid pace in the near term, in line with the accelerated economic growth observed in the second half of 2023. The resulting job growth and consumer confidence will support positive rental demand patterns in 2024.\n \n \n \"Early in 2024, inflation pressures have significantly eased, providing a solid footing for the Fed to begin interest rate cuts,\" said\n \n Keith Reading\n \n , Senior Director, Research at Morguard. \"This move is poised to elevate real disposable income and consumer spending, reduce borrowing expenses, and thereby establish a robust framework for sustained economic expansion and real estate market gains.\"\n \n \n \n Multi-Suite Residential Rental Real Estate\n \n \n \n The new supply in the multi-suite residential rental market is expected to outpace demand for an eighth consecutive year in 2024. Approximately 450,000 new rental units are anticipated to enter the rental property inventory, continuing the peak phase of the construction cycle. Consequently, rent growth will be relatively modest in 2024 with the Midwest and Northeast regions expected to outperform.\n \n \n Investment property transactions will remain below the most recent peak level through to the midway point of 2024, given the elevated cost of debt capital and heightened investment risk and economic uncer...