“Great Recession” Challenges Apartment Industry, According to NMHC’s Annual Ranking of 50 Largest Apartment Firms
Every facet of the apartment industry was touched by the Great Recession in 2009, according to the NMHC 50, the National Multifamily Housing Council’s annual ranking of the 50 largest apartment owners and 50 largest apartment managers.
"Apartment sales transaction volume plummeted," noted Mark Obrinsky, NMHC Chief Economist. "Only $14 billion in properties changed hands in 2009, an 86 percent drop from two years ago. In addition, new apartment construction set an all-time post-World War II low in 2009, at under 100,000 new starts."
"As a result, most changes to the NMHC 50 rankings were modest, although there were some notable changes at the top of the NMHC 50 owners list."
“Demographic trends, changing lifestyles and our national need to grow more sustainably all point to strong long-term demand for apartments,” added Doug Bibby, NMHC President. “In fact, experts predict that apartments will be the first real estate sector to bounce back when the economy recovers.”