MARKET REPORT

MULTIFAMILY
New York City Q4/19
Rental Demand Keeps Vacancy Low; Investors
Evaluate Portfolio Strategy With New Legislation Multifamily 2019 Forecast

Y-O-Y Average
Staunch renter demand leaves operations unfazed by construction. Metro Vacancy Basis Point Effective Y-O-Y
Change
As an epicenter of global commerce, New York continues to attract Change Rent
greater business activity, including an expanding presence among tech-
nology firms such as Facebook, Google and Netflix. Ongoing job creation Bronx 1.1% 0 $1,494 2.0%
is supporting new household formation, lowering vacancy 100 basis
points from where it was five years ago despite accelerated construction
Brooklyn 2.0% -10 $2,339 3.7%
activity over that span. That is a substantial decline for a market where
availability rarely rises above 3 percent. Now in the mid-1 percent range,
the rate is unlikely to drop much farther, but the high cost of homeown- Manhattan 1.8% -10 $3,800 4.2%
ership will maintain a strong demand for apartments. Competition for
leases among prospective tenants will continue to support rent gains,
largely concentrated among market rate Class A and B units. Queens 1.4% -20 $2,233 3.4%

Pace of development advances in the Bronx, moderates elsewhere.

Staten Island 1.0% -10 $1,631 5.2%
Construction activity will contract in 2019 to its lowest level in two
years, although thousands of units are opening across the five boroughs.
Brooklyn will receive the largest share of arrivals, with developers most Westchester County 3.7% -20 $2,050 2.3%
active around Williamsburg and in the Bed-Stuy/Fort Greene/Bushwick
submarket. The Bronx, while welcoming fewer arrivals than Manhattan
or Queens, has been experiencing a consistent rise in the number of Investment Trends
deliveries over the past three years. Renters priced out of Manhattan,
Brooklyn or Queens can find suitable options here with subway access • Transaction velocity in New York City between July and September
to the rest of the market. The Penn Station Access Project is expected to fell to the lowest quarterly level in over three years. This slowdown
add additional stations in the future, making commuting easier. may be related to recent legislative changes that have materially
impacted the income growth prospects for properties with rent-sta-
bilized apartments. The full repercussions of these new regulations
are still manifesting in the market, with unknown long-term effects.

• Properties changed hands across the market, with the highest num-
NYC Apartment Yield Trends
ber of trades reported in Brooklyn and Manhattan. Over the past 12
Apartment Cap Rate 10-Year Treasury Rate months Bushwick emerged as a more prominent investment desti-
10.0% nation within Brooklyn, while in Manhattan, transaction velocity
was highest in the Lower and Upper West Side and Upper East Side.
7.5%
• While the Housing Stability and Tenant Protection Act removed
methods for deregulating rent-stabilized apartments, those same
Rate

5.0%
stipulations do not apply to buildings with 421-a tax exemptions. For
these properties built before 2016, rent-stabilized units can still be
2.5%
converted to market rates once they become vacant. Buyer demand
for these types of assets may increase as a result.
0%
* 01 03 05 07 09 11 13 15 17 19*
• Investors based outside the U.S. continue to acquire New York
multifamily assets. A market average cap rate under 5 percent offers
compelling margin relative to government bonds, particularly for
Sales Trends
developed nations with interest rates near or below zero.
Sales Price Growth
* Cap rate trailing 12-month average through 3Q; Treasury rate as of Sept. 30
Sources: CoStar$600
Group, Inc.; Real Capital Analytics
er Unit (000s)

30%
Year-over-Y

$500 15%
 MANHATTAN

Current Trends 3Q19 – 12-Month Period

EMPLOYMENT
Employment Trends NYC Apartment Yield Trends
Metro United States Apartment Cap Rate 1.5% 10-Year
increase in Rate
Treasury total employment Y-O-Y
4%
10.0% • Organizations in New York City expanded staffs by about 70,400
Year-over-Year Change

personnel over the 12-month period ended in September. In the

2%
7.5% prior annual span employment grew by 2.1 percent.

• Total hiring was led by the creation of more than 43,000 jobs

Rate
0%
5.0%
in the education and health services sector, along with 14,500
-2%
2.5% additional roles in professional and business services. These
gains offset a contraction in finance and insurance positions.
-4% 0%
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*

Completions and Absorption Sales Trends CONSTRUCTION

Sales Price Growth
Completions Absorption
5,000 units completed Y-O-Y
Average Price per Unit (000s)

$600 30%
12 • Nearly 3,500 apartments were completed in the first three quarters

Year-over-Year Growth
of 2019, for a trailing-12-month
15% total about 100 units below the
Units (000s)

$500
9
number of deliveries recorded during the previous yearlong span.
$400 0%
6
• The most openings made so far this year have been in Midtown
3 $300 South followed by the Lower -15%
Manhattan submarket. The largest
Manhattan finalization was the 533-rental building at 20 Broad St.
0 $200 in the Financial District. -30%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

Vacancy Rate Trends

VACANCY
Manhattan United States
12% 50 basis point decrease in vacancy Y-O-Y

9% • The net absorption of 9,000 apartments over the past four

Vacancy Rate

quarters greatly exceeded supply additions, dropping vacancy 50

6% basis points to 1.7 percent.

• Fewer deliveries in Midtown contributed to a 220-basis-point

3%
drop in the submarket’s vacancy rate to 1.6 percent year over year
in September. Availability is under 2 percent in most parts of
0%
09 10 11 12 13 14 15 16 17 18 19* Manhattan for Class A, B and C apartments.

Rent Trends
Monthly Rent Y-O-Y Rent Change RENT
$3,900 10%
4.3% increase in the average effective rent Y-O-Y
Year-over-Year Change
Monthly Effective Rent

$3,600 5% • Exceptionally tight operations helped raise the average effective

rent to $3,809 per month in September.
$3,300 0%
• Rents improved the most among Class B units, exceeding 8 percent in
$3,000 -5% the Lower Manhattan area. The average Class A rate for the borough
rose 4.4 percent to $5,063 per month, while Class C rents advanced
$2,700 -10%
less rapidly due to greater regulations imposed on the older buildings.
09 10 11 12 13 14 15 16 17 18 19*

*Forecast; Note: Employment for New York City

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
 Demographic Highlights

3Q19 Median Household Income 3Q19 Affordability Gap Multifamily (5+ Units) Permits

Metro $88,346 Renting is $1,599 Per Month Lower 14,213 1H 2019

U.S. Median $65,205 Average Effective Rent vs. Mortgage Payment* g 28% Compared with 1H
2016-2018

3Q19 Median Home Price Five-Year Household Growth** Single-Family Permits

Metro $902,499 18,100 or 0.4% Annual Growth 8 1H 2019

Compared with 1H
U.S. Median $272,227 U.S. 1.0% Annual Growth
0% 2016-2018

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2019-2024 
Annualized Rate

SUBMARKET TRENDS SALES TRENDS

Trading Volume Moderated in Recent Months,
Lowest Vacancy Rates 3Q19
Employment Trends Cap Rates InchNYC
Higher on Class
Apartment Yield C Property Demand
Trends
Metro Y-O-Y United States
Average
• Annual transaction velocity
Apartment increased 6 percent
Cap Rate year over
10-Year Treasury year in
Rate
Vacancy Y-O-Y %
Submarket 4%
Rate
Basis Point Effective
Change
September despite fewer trades in the third quarter. The average sale
Change Rent 10.0%
price in the borough rose 4 percent to $429,300 per unit, ranging from
Year-over-Year Change

2% under $100,000 for assets in Morningside Heights to over $1 million

7.5%
Midtown 1.6% -220 $4,226 3.4% for properties in Midtown and surrounding Central Park.
Rate

0%
• A higher concentration
5.0% of Class C sales helped lift the average cap rate
from the high-3 percent range into the low-4 percent zone.
-2%
2.5%
Harlem 1.7% -10 $2,233 2.7% Outlook: The recent rent regulation may drive greater demand for market
-4% rate buildings, adding further upward pressure to entry costs.
0%
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*

Lower Manhattan 1.7% -60 $4,384 6.1%

Completions and Absorption Sales Trends

Completions Absorption Sales Price Growth
Upper Manhattan 1.7% -30 $4,340 3.5%
Average Price per Unit (000s)

$600 30%
12
Year-over-Year Growth
Units (000s)

$500 15%
9
Midtown South 2.1% -10 $4,406 4.7%
$400 0%
6

3 $300 -15%

Manhattan 1.7% -50 $3,809 4.3%

0 $200 -30%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

* Trailing 12 months through 3Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate Trends
Manhattan United States
12%
 BROOKLYN

Current Trends 3Q19 – 12-Month Period

EMPLOYMENT
Employment Trends
Metro United States
1.5% increase in total employment Y-O-Y
4%
• Organizations in New York City expanded staffs by about 70,400
Year-over-Year Change

personnel over the 12-month period ended in September. In the

2%
prior annual span employment grew by 2.1 percent.
0% • Total hiring was led by the creation of more than 43,000 jobs
in the education and health services sector, along with 14,500
-2% additional roles in professional and business services. These
gains offset a contraction in finance and insurance positions.
-4%
09 10 11 12 13 14 15 16 17 18 19*

Completions and Absorption

CONSTRUCTION
Sales Trends
Completions Absorption Sales
5,600
Price Growth
units completed Y-O-Y
Average Price per Unit (000s)

$400 32%
16 • While approximately 1,000 fewer apartments opened in Brooklyn

Year-over-Year Growth
over the past four quarters than in the
16% prior annual span, the
Units (000s)

$300
12
borough still has the most active multifamily construction pipeline
8
$200 in New York City. 0%

$100
• Developers have been most active this
-16%
year in the Bed-Stuy/Fort
4
Greene/Bushwick and Williamsburg/Greenpoint/Navy Yard
0 $0 submarkets, with a combined 2,300-32%
rentals opened so far in 2019.
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

Vacancy Rate Trends VACANCY

Brooklyn United States
12% 40 basis point decrease in vacancy Y-O-Y
• Renter demand exceeded fewer supply additions to reduce
9%
Vacancy Rate

the vacancy rate in Brooklyn to 1.7 percent in September after

6%
declining 60 basis points a year ago.

• Minimal inventory growth in Ditmas Park/Flatbush, Southeast

3% Brooklyn and Southwest Brooklyn has enabled the already-low
vacancy rates in these areas to fall even further, dropping below 1
0%
09 10 11 12 13 14 15 16 17 18 19* percent in some neighborhoods.

Rent Trends
Monthly Rent Y-O-Y Rent Change RENT
$2,400 12% 3.6% increase in the average effective rent Y-O-Y
Year-over-Year Change
Monthly Effective Rent

$2,200 6% • The average effective rent climbed to $2,333 per month in the
third quarter after posting a 2.8 percent increase a year ago.
$2,000 0% Monthly rates rose by more than 5 percent in the general Bed-
Stuy and Williamsburg areas.
$1,800 -6%
• Rents grew by more than 3 percent for Brooklyn area Class A and B
$1,600 -12% units, aided by much lower vacancy in the luxury rental segment.
09 10 11 12 13 14 15 16 17 18 19*

*Forecast; Note: Employment for New York City

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
Demographic Highlights

3Q19 Median Household Income 3Q19 Affordability Gap Multifamily (5+ Units) Permits

Metro $60,926 Renting is $1,536 Per Month Lower 26,606 1H 2019

U.S. Median $65,205 Average Effective Rent vs. Mortgage Payment* g 52% Compared with 1H
2016-2018

3Q19 Median Home Price Five-Year Household Growth** Single-Family Permits

Metro $640,926 24,200 or 0.5% Annual Growth 133 1H 2019

Compared with 1H
U.S. Median $272,227 U.S. 1.0% Annual Growth
h -44% 2016-2018

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2019-2024 
Annualized Rate

SUBMARKET TRENDS SALES TRENDS

Investors Pursue Opportunities for Higher Yields
Lowest Vacancy Rates 3Q19
Employment Trends In Submarkets Not Bordering Manhattan
Metro United States • While transaction velocity declined over the past four quarters, the
Y-O-Y Average
4% Vacancy Y-O-Y %
Submarket
Rate
Basis Point Effective
Change
average sale price in Brooklyn rose to $339,800 per unit, due in part to
Change Rent
a greater number of higher-priced Class C assets changing hands.
Year-over-Year Change

2%
Southern Southeast • The average cap rate remained in the high-4 percent range for the
0.8% -10 $1,828 1.5%
Brooklyn seventh consecutive year, with initial returns ranging higher for Class
0%
B and C properties in Bushwick and the South Shore.
Southwest Brooklyn 0.9% -30 $1,666 1.1%
-2% Outlook: Elevated prices along the East River are drawing buyers farther
inland, where discounts still remain. This trend may be directing more in-
Ditmas Park/Flatbush 1.1% -20 $1,681 1.3%
-4% vestors to Bushwick, as the only submarket to report rising trade velocity.
09 10 11 12 13 14 15 16 17 18 19*

Crown Heights/Prospect
1.4% -10 $1,874 1.6%
Lefferts Gardens

Bed-Stuy/Fort Greene/ Completions and Absorption Sales Trends

2.2% -210 $2,910 5.1%
Bushwick Completions Absorption Sales Price Growth

Park Slope/Prospect
Average Price per Unit (000s)

$400 32%
16 2.4% -20 $2,804 5.0%
Heights
Year-over-Year Growth
Units (000s)

$300 16%
12
Downtown Brooklyn 3.1% 10 $3,813 4.9%
$200 0%
8
Williamsburg/Green-
3.6% 20 $3,523 5.1%
point/Navy Yard 4 $100 -16%

Brooklyn 0 1.7% -40 $2,333 3.6% $0 -32%

09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

* Trailing 12 months through 3Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate Trends
Brooklyn United States
12%
 QUEENS 3Q19 – 12-Month Period

CONSTRUCTION Supply and Demand

Completions Absorption Vacancy
1,900 units completed Y-O-Y
8 4%

• The pace of development activity slowed down notably over the past
Queens 6 3%

Units (000s)
four quarters compared with the 6,500 units that were delivered

Vacancy Rate
during the previous yearlong span.
4 2%
• Major completions in the borough included two projects with more
than 600 units apiece. The second tower for Jackson Park brought 2 1%

658 new apartments to Long Island City, while the 783-rental Eagles
0 0%
Loft opened only a few blocks away on Queen Street.
15 16 17 18 19*

VACANCY AND RENT Investment Highlights:

Supply and Demand
110 basis point decrease in vacancy Y-O-Y Supply and
Completions Demand
Absorption Vacancy
• Annual transaction velocity remained about the same year
• The net absorption of 4,900 units lowered vacancy to 1.2 percent over year
1.5 in Completions Absorption
September, as more Vacancy
Class C properties changed
8%
in September after increased construction activity in 2018 raised hands amid
8 fewer opportunities for Class A and B assets.
4%
availability to 2.3 percent in the third quarter of last year. 1.0 6%

Units (000s)

Vacancy
Queens • Central and Northwestern Queens continue to be the most active
Staten Island 6 3%

Units (000s)

Vacancy
submarkets in the borough for multifamily investment,4%
with entry
3.8% increase in effective rents Y-O-Y 0.5

Rate Rate
costs reported
4 in the $270,000-$350,000 range most often.
2% Initial
• Monthly payments have grown by more than 3 percent returns0lie in the high-4 to low-5 percent band. 2%

annualized since June 2018, pushing the average effective rate up 2 1%

to $2,241 per month as of September 2019. -0.5 0%

0 15 16 17 18 19* 0%
15 16 17 18 19*

STATEN ISLAND
CONSTRUCTION Supply and Demand
Completions Absorption Vacancy
8 units completed Y-O-Y 1.5 8%

• Supply additions to Staten Island remain sparse, with one

1.0 6%
Units (000s)

multifamily completion of note occurring in the first quarter.

Vacancy Rate
Staten Island
• No additional deliveries are anticipated for the rest of 2019, 0.5 4%

although at least two projects will add much-needed space in 2020.

0 2%
Lighthouse Point will bring 115 units to the neighborhood around
Richmond County Bank Ballpark, while another 72 rentals will
-0.5 0%
come online closer to the Verrazzano-Narrows Bridge.
15 16 17 18 19*

VACANCY AND RENT Investment Highlights:

10 basis point decrease in vacancy Y-O-Y
• Staten Island’s apartment inventory has only increased 7
• The lack of significant new supply has enabled vacancy to fall 290 percent since 2000, constraining sales velocity. A handful of
basis points over the past three years, reaching 1.2 percent as of properties nevertheless changed hands on the north and east-
the third quarter. ern edges of the island within the past 12 months.

6.2% increase in effective rents Y-O-Y
• Effective rents continue to grow at an increasing pace in 2019 as
the average rate for Staten Island rose to $1,641 per month. This
time last year monthly payments had improved 3.0 percent.
• The average sale price for recently traded assets was $190,000 per
unit, with cap rates reaching into the mid-6 percent range. Proper-
ties generally contained fewer than 20 apartments and were built
more than 40 years ago with rare exception.

* Trailing 12 months through 3Q; Vacancy rate as of 3Q

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
 3Q19 – 12-Month Period BRONX

CONSTRUCTION
Supply and Demand Supply and Demand
Completions Absorption Vacancy Completions Absorption Vacancy
3,400 units completed Y-O-Y
8 4% 4 4%
• Annualized delivery volume increased by approximately 1,100
Queens 6 3%
Units (000s)

apartments in September, expanding the total rental inventory in 3 3%

Units (000s)
Vacancy Rate

Vacancy Rate
the Bronx by less than 1 percent over the past 12 months.
4 2%
Bronx
2 2%
• Major completions for 2019 include Bridgeline Mott Haven with 91
apartments. Looking
2 forward, multiple projects are in the pipeline
1% 1 1%
with estimated completion dates extending into 2022.
0 0% 0 0%
15 16 17 18 19* 15 16 17 18 19*

VACANCYSupply
ANDand Demand
RENT Investment Highlights:
Supply and Demand
10 basis Completions
point decrease in AbsorptionY-O-Y Vacancy
vacancy Completions
• While the number Absorption
of trades reported over theVacancy
past four quar-
Supply and Demand Supply and Demand
1.5
• Consistently positive apartment absorption continues to trim
8% ters fell4short of the total from the previous annual period,
8% the
Completions Absorption Vacancy
vacancy, inching down to 1.1 percent in September after passing average saleCompletions
price rose to $220,000 per unit asVacancy
Absorption some buyers
1.0 6% Westch
Units (000s)

narrowed 3 their selection criteria. 6%

Units (000s)
Vacancy Rate
8 4%
below the 2 percent threshold in 2015.

VacancyVacancy
4 4%
Staten Island
Queens 0.5 4% • The most2 opportunities continued to be found in the West
4%
and
2.6%
6 3%
Units (000s)

increase in effective rents Y-O-Y 3 3%

Units (000s)
Vacancy Rate

South segments of the borough, including in the Belmont, Fordham

Rate Rate
4 0 2% Manor,2Jerome
1 Park and Foxhurst neighborhoods. 2%
Bronx
• Rent growth improved at a slightly higher annualized pace in2% 2%

September compared
-0.5
with the 2.2 percent rate posted a year prior.
2 1%0% 0
1 0%
1%
The Bronx’s average effective
15
rent
16
is now
17
$1,503 18per month.
19* 15 16 17 18 19*
0 0% 0 0%
15 16 17 18 19*
WESTCHESTER COUNTY
15 16 17 18 19*

CONSTRUCTION
Supply and Demand Supply and Demand
Completions Absorption Vacancy
1,600 units completed Y-O-Y Completions Absorption Vacancy
1.5 8% 4 8%
• Construction activity remained about the same year over year in
September, as1.0
roughly 100 fewer apartments were completed over
6% Westc
Units (000s)

3 6%
Units (000s)
Vacancy Rate

Vacancy Rate
Staten Island
the past 12 months than in the prior annual period.
0.5 4% 2 4%
• The future pipeline remains elevated, with nearly 3,000 units
expected to be 0completed before 2020. Projects yet to be finalized
2% in 1 2%

2019 include the 438-rental Sawyer Place in Yonkers and a complex

-0.5 0% 0 0%
in New Rochelle with 280 apartments.
15 16 17 18 19* 15 16 17 18 19*

VACANCY AND RENT Investment Highlights:

60 basis point decrease in vacancy Y-O-Y • In contrast to marketwide trends, annualized trade volume
• The net absorption of more than 2,100 apartments, four times rose in Westchester County, with a corresponding increase in
the cycle average, helped lower the county’s vacancy rate to 3.1 the average sale price to $208,800 per unit, with cap rates in
percent in September after falling 40 basis points a year earlier. the low-6 percent zone.

• The greater Yonkers/Mount Vernon/New Rochelle area remained

2.8% increase in effective rents Y-O-Y the most actively targeted part of the county by buyers, with mul-
• Elevated rental demand helped push the average effective rent tiple properties changing hands in Getty Square, Nodine Hill and
up to $2,066 per month at the end of the third quarter, building Park Hill over the past 12 months.
upon the 3.7 percent rate of growth recorded 12 months prior.

* Trailing 12 months through 3Q; Vacancy rate as of 3Q

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
 CAPITAL MARKETS
1H19 Apartment Acquisitions By DAVID G. SHILLINGTON, President,
By Buyer Type Marcus & Millichap Capital Corporation
Other, 1.6% Cross-Border, 7.5% • Fed cuts rate again, while balancing assortment of factors. The Federal
Reserve cut the overnight rate by 25 basis points at the end of October, the third
Equity Fund
& Institutions, 18.9% reduction in less than 100 days in an attempt to lengthen the economic runway.
Muted inflationary pressure and continued trade negotiations have boosted the
probability for an additional rate cut in December as it is anticipated by some
Listed/REITs, 5.0% domestic and foreign markets. However, at the end of October, the U.S. and China
Private, 67.0%
were in talks for finalizing the first phase of a trade deal, potentially erasing the
need for another rate reduction if the preliminary agreement quickly comes to
fruition. This, along with positive economic indicators like strong wage growth,
sustained job creation and a rising 10-year Treasury, will continue to make future
Apartment Mortgage Originations
decisions difficult for Fed members as they balance the array of forces tugging at
By Lender
both ends of possible outcomes. Global developments including slowing Euro-
100% pean economies as well as the progression of Brexit and its potential aftermath
will also help determine future Fed decisions. Though recession risks remain, the
Percent of Dollar Volume

Gov't Agency
75%
Financial/Insurance
economy’s solid foundation has softened it in recent months, signaling continued
Nat'l Bank/Int'l Bank domestic growth in the near future.
50%
Reg'l/Local Bank
• Abundant liquidity balances conservative underwriting. Debt financing for
CMBS
25% apartment assets remains strong, supported by a variety of lenders. Fannie Mae
and Freddie Mac, two mainstay apartment capital sources, were recently given
0% increased lending caps, allowing the two Government Sponsored Enterprises
15 16 17 18 1H19 to purchase $100 billion in loans during a yearlong period that started at the
beginning of the fourth quarter 2019. A wide range of local, regional and national
Includes sales $2.5 million and greater
Sources: CoStar Group, Inc.; Real Capital Analytics banks; pension funds; insurance companies and CMBS sources will also remain
active. All have responded to the falling interest rate climate by reducing mort-
gage rates, but lender spreads have widened as the 10-year Treasury rate remains
near cycle lows. Given the downward pressure on interest rates, lender caution
National Multi Housing Group
has risen, particularly for construction loans. Though lending is still available for
John Sebree these types of projects, investors may need to blend mezzanine debt with other
First Vice President, National Director | National Multi Housing Group
capital sources until they prove out their concepts and substantially fill units. For
Tel: (312) 327-5417 | john.sebree@marcusmillichap.com
stabilized existing assets in most major markets, financing remains plentiful.
Prepared and edited by
Cody Young
Research Analyst | Research Services

New York City Ottawa Office:

For information on national apartment trends, contact:
John Chang John Krueger Vice President/Regional Manager | Manhattan Mark A. Paterson
Senior Vice President, National Director | Research Services (212) 430-5100 | john.krueger@marcusmillichap.com
275 Bank Street, Suite 30
Tel: (602) 707-9700 | john.chang@marcusmillichap.com John Horowitz First Vice President/Regional Manager | Brooklyn Ottawa, Ontario K2P 2L
1 MetroTech Center, Suite 2001 (613) 364-2300 | mark.pa
Brooklyn, NY 11201
Price: $750
(718) 475-4300 | john.horowitz@marcusmillichap.com

© Marcus & Millichap 2019 | www.MarcusMillichap.com

Philadelphia Office:
The information contained in this report was obtained from sources deemed to be reliable. Every Brooklyn Office
Sean Beuche Region
effort was made to obtain accurate and complete information; however, no representation, warranty John Horowitz Vice President/Regional Manager 2005 Market Street, Suit
or guarantee, express or implied, may be made as to the accuracy or reliability of the information 1 MetroTech Center, Suite 2001 Brooklyn, NY 11201 Philadelphia, PA 19103
contained herein. Note: Metro-level employment growth is calculated based on the last month of the (718) 475-4300 | john.horowitz@marcusmillichap.com (215) 531-7000 | sean.beu
quarter/year. Sales data includes transactions valued at $1,000,000 and greater unless otherwise Manhattan Office

noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a John Krueger Vice President/Regional Manager
future event. This is not intended to provide specific investment advice and should not be considered 260 Madison Avenue, 5th Floor New York, NY 10016
(212) 430-5100| john.krueger@marcusmillichap.com
as investment advice.
Phoenix Office:
Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.;
Experian; National Association of Realtors; Moody’s Analytics; Real Capital Analytics; RealPage, Ryan Sarbinoff Vic
Inc.; TWR/Dodge Pipeline; U.S. Census Bureau 2398 E. Camelback Road
Phoenix, AZ 85016
New Jersey Office:
(602) 687-6700 | ryan.sa

Brian Hosey Vice President/Regional Manager

250 Pehle Avenue, Suite 501