Averages Tell You Little: The Effects of Multifamily Construction on Rents
研究了奥斯汀和波士顿两个市场中，新多户住宅建设对现有房产租金增长的影响，发现距离新建筑近对中等品质房产有利，对高品质房产不利，帮助投资者调整投资组合。
Over the next several years, U.S. commercial real estate will likely see one of the largest supply waves of multifamily product in recent memory. In this article, the authors examine two economically strong markets, Austin and Boston, which have already started to see significant multifamily construction. The authors look at rent growth of existing properties before and after deliveries in 2013, separating properties by distance to the 2013 deliveries. They find that there is a strong effect on the rent growth of existing properties based on how close they are to new construction. In general, the results show that proximity to new construction is beneficial to average-quality 3 Star properties and detrimental to higher-quality 4 Star and 5 Star properties. The findings reported by the authors will help investors to better position their portfolios against the effects of increased multifamily supply. <b>TOPICS:</b>Real estate, portfolio management/multi-asset allocation