NMHC: Apartment Sector Remains Soft

Market conditions in the apartment sector remain soft, although investor demand for apartment properties is still high, according to a quarterly survey by the National Multi Housing Council.The Survey of Apartment Market Conditions also found that its Market Tightness Index fell to 29 in January, its lowest level since January 2002, the NMHC said. (An index reading of less than 50 indicates that market conditions are getting looser.) Mark Obrinsky, the NMHC's chief economist, said the survey showed a drop in apartment sales volume, but that "anecdotal reports from NMHC's Apartment Markets Conference on Jan. 15 indicate that apartments remain the most desired real estate asset for more investors." The trade group can be found online at http://www.nmhc.org.