Markets in the Sun Belt and California are expected to have the best conditions for the sale of multifamily properties this year, according to Ten-X.
The markets of Orlando and Fort Lauderdale in Florida, Sacramento, Calif., and Raleigh, N.C., are all expected to be good markets for sales, Ten-X said in its Multifamily Market Outlook report. The projections are based on local economic gains and population inflows.
However, markets in Northern New Jersey, Philadelphia, Miami, Pittsburgh and Boston could all be in situations where multifamily property owners should consider selling, due to economic slowdowns and diminishing employment.
"The overall multifamily sector remains healthy and the trend of renting instead of owning continues across the U.S.," Peter Muoio, Ten-X's chief economist, said in a news release.
Effective rents have increased by 4.3% nationwide, compared to a year ago.
