Multifamily Investing Conditions Grew Stronger in the Second Quarter per Freddie Mac's AIMI Inde
MCLEAN, VA--(Marketwired - Sep 26, 2017) - Today, Freddie Mac (OTCQB: FMCC) announced that multifamily investing conditions grew stronger in the second quarter, both nationally and across the metropolitan markets it tracks through the Multifamily Apartment Investment Market Index(SM) (AIMI). A widely used analytical tool, AIMI combines multifamily rental income growth, property price growth and mortgage rates to provide a single index that measures multifamily market investment conditions.
In the second quarter, AIMI rebounded with quarterly increases in all 14 of the markets it tracks and at the national level. These universal gains in the second quarter were driven by a number of factors. First and most importantly, all metro areas that AIMI tracks saw positive net operating income (NOI) growth. In fact, some markets, such as Seattle (AIMI growth: 3.9%) and Boston (6.2%), sustained increases that exceeded historical averages by significantly large margins. In addition, mortgage rates experienced a slight decline in the second quarter -- a marked change from the first quarter, which saw a significant increase. Property price growth was mixed across metros, with six markets experiencing a contraction and nine -- including the national average -- seeing growth.
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