Commercial Property News reports, in an article titled Investors Lured to Apartment Buildings, that, "…over the long term, apartments could become an appealing investment as new apartment development becomes scarcer."

In recent weeks the commercial lending market just blew up.  There is little if any money out the for big projects.  Apartment development will be down for the coming years and it usually takes a while for projects to wind up before coming on the market. 

Most of this relates to larger apartment communities but the benefits will be felt by owners of small multifamily properties as well.  Less stock means means less competition all around for tenant.

The article also notes:

A growing demand with out a rapidly increasing supply is good for owners.

Though the market is weak and rentals are flat at this point in the Phoenix market, a good stock of apartment on the market provide investors with properties at low prices.

Even without the prospect of equity growth properties in the market can be purchased with cash flow so appreciation will be an additional benefit.

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