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Room to Run or Running Out of Room—Does the Apartment Expansion Still Have Legs?

Five years ago, we examined what could go wrong for the apartment industry and concluded that the road ahead looked pretty smooth in both the near and intermediate term. (See Research Notes from September 2012.) Since then it has become clear that the current multifamily boom is much more than a typical cyclical upswing; it is part of a significant shift in the how the nation houses itself. This does not mean, however, that the apartment industry would be immune to the effects of the larger economy.
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