Can Multifamily Get Even Better?

Like a delicious chocolate cake, a good year of multifamily makes you ask: is there any more? We asked that of panelists who will speak at Bisnow's Charlotte Multifamily Summit (coming Oct. 10) at the Ritz-Carlton Charlotte. (Sign up here!) Consider this the trailer for Wednesday's feature presentation.
 
Granbridge Real Estate Capital's Mike Ortlip—who's making a return appearance—tells us that in-migration, household formation, and job growth all appear to be continuing in Charlotte. South End and Northlake are the two delivery concentrations, and it's a little tough to predict whether these markets will soften once all of the new product is online. Rent growth might slow temporarily, but there may still be pent-up demand  to augment household expansion and population growth, which may lead to solid absorption.
 
Southpark, by contrast, has had a lot of units planned, Mike continues—but it appears that the projects that are completed in this market will likely come at such a pace that permits an orderly absorption without market softening. ?With all of that said, the economy is still sufficiently delicate that a strong shock could extend everyone's timeline and cause some to hold their breath,? he says.
Red Capital Group director Peter TenEyck (left, with fellow director Lee McNeer) tells us that interest rates should stay this low for the next six months or maybe longer, thanks to the Fed. So with rates below 3%, multifamily refis will continue to be hot. ?We used to think fives and sixes were good numbers,? Peter muses. When rates finally do go up, some multifamily deals won't make sense, and we should see less activity. Also in the long run, it won't make sense for properties now being refinanced to do so again for many years, since rates will presumably never be this low again.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Charlotte Newsletters
Related Stories

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Charlotte Extends Data Center Moratorium For 11 More Months

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown

Denver Public Schools' $11M Centennial Hall Purchase Marks Rare Land Sale For ULC

Brandywine Plans To Sell $200M Worth Of Properties In 2027

Pennsylvania Reveals Draft Map Of Areas To Benefit From Opportunity Zones 2.0

Developer Buys Land For Active Adult Apartments Near Novant Health Hospital

Cresa Taps Nathan Knowles As Atlanta Market Leader

Developer Of $3.8B Atlanta Project Discloses $19M Accounting Error