CRE firm notes ‘robust’ year likely for multifamily sector

Multifamily industry members are likely to see considerable revenues during the remainder of 2012, a report from a commercial real estate services firm notes.

According to the Spring 2012 U.S. Multifamily Report by Cassidy Turley, with job creation growing nationwide and more than half of U.S. states finishing 2011 with vacancy rates below 5 percent, 2012 is expected to yield substantial gains for multifamily companies.

"With early indications that job creation is accelerating in 2012, there will be no let down in demand for apartments this year," the firm stated in its report. "Pent-up demand and demographics point to the same trend."

Major metros including New York City, Portland, San Jose, San Diego and Seattle were noted for having the lowest vacancy rates among the nation's biggest markets last year.

Despite expected rent growth, the firm added there should be a marked rise in lease documents signed at apartments throughout the nation during the remainder of the year.