There continues to be signs of optimism in the multifamily housing market as 2010 come to an end. Occupancy levels on a National level, although not at their highs show positive increases from 2009 levels. Effective rents for new leases are also starting to increase.Cap rates are strong for multifamily properties. Although we are not at record levels, there are reasons to see a bright spot in this sector of the economy.
The renewed enthusiasm was apparent in last evenings 17th Annual Garden State Awards & Recognition Dinner presented by the New Jersey Apartment Association in New Brunswick. In attendance were over 550 individuals from all aspects of the New Jersey Multifamily Industry. This industry provides housing to more than a third of all New Jersey's residents. The optimism in the room further demonstrated by an increase of 20% in the number of attendees from the prior year.
The evening's event started by the presentation to Lieutenant Governor Kim Guadagno of the President's Award for Leadership in Regulatory Reform. The Lieutenant Governor accepted the award and sated that although a lot of progress has been made there is more to do. She understood the concerns of the group over complicated regulation s that impact the industry's ability to provide housing to New Jersey. She promised help in the COAH (Council on Affordable Housing) rules and regulations.
The evening than moved onto the recognition of the best in the industry. 49 awards were presented to 212 finalist's .The awards recognized the best in the New Jersey multifamily industry. The best in homes, the best service and the best overall living experience. The excitement and team spirit in the room was apparent. The awards recognized individuals whom are truly committed to providing best in class service to their residents.
The awards also recognized the owner's commitment to maintaining and improving the properties through out the state of New Jersey.
The evening cumulated with the awarding of the coveted management company of the year awards. This recognition is awarded to to the firm who not only provides superior homes and services to its residents, but also a home to its employees.
About Sax Macy Fromm's Real Estate Industry Team:
Sax Macy Fromm’s Real Estate Industry Service Group provides clients with a wide range of industry expertise, personalized service from our team of highly-qualified professionals, With an innovative and results-oriented approach, SMF delivers cutting-edge services to homebuilders, developers, as well as operators of office, industrial, retail, and multi-family residential real estate, in the New York/New Jersey metropolitan area.