The conventional wisdom about the multifamily real estate business right now is that it’s hot and getting hotter, and that conventional wisdom surely appears to be spot on. Here’s just one metric: National asking rents rose 10.3% in August alone, the first double-digit increase in a single month in the more than 20 years of data analyzed by the RealPage rental management software company, according to a Sept. 14 article in The Wall Street Journal. Rent increases of twice that much were recorded in markets such as Phoenix, Las Vegas, Tampa, Boise, Idaho, and Naples, Florida, according to the RealPage analysis of more than 13 million professionally managed apartments.
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