Each month, we survey private multi-family owners, managers, developers, brokers and lenders to gauge fundamental transaction market trends across the country. Our survey covers roughly 1.5 million institutional-quality units and developers that account for approximately 10% of multi-family starts. We survey contacts about the supply and demand of multi-family assets for sale, development activity, construction costs, cap rates, development returns, the financing environment and other topical items. Combining the takeaways from our operations survey, we lay out our expectations for multi-family total returns.
