A stock index of multifamily companies has hit a record high and outperformed the Standard & Poor's 500 stock index in 2003, according to the National Association of Home Builders.The NAHB-created multifamily stock index showed a gain of 20%, compared with a 15% gain by the S&P 500 (with dividends reinvested). "Investors are looking at multifamily companies as good, long-term investments and, despite some weakness in the rental market over the past two years, these stocks continue to perform well," said NAHB economist Elliot Eisenberg. The NAHB stock index includes 24 real estate investment trusts and four other publicly traded companies that derive 50% of their revenues from rental properties. Mr. Eisenberg created the index two years ago. The NAHB can be found online at http://www.nahb.com.
