Methodology

The Economics Group developed a panel of approximately 1,000 multifamily builders and multifamily management companies.  A questionnaire was mailed to about 5,000 multifamily builders and developers, multifamily property management companies.  This questionnaire covered the profile of multifamily builders and management companies in addition to a series of questions on rating the demand and supply side of the multifamily market.  The survey covered the following questions:

Supply Indicators:

1. Multifamily rental starts for low-rent:  current period and expectations for next 6 months.

2. Multifamily rental starts for market-rent:  current period and expectations for next 6 months.

3. Multifamily rental starts for sale:  current period and expectations for next 6 months.

Demand Indicators:

1. Proportion of new for-rent apartments completed during previous quarter and rented within 90 days.

2.Multifamily rental occupancy for current quarter and expectations for next 6 months

a. Class A Apartments
b. Class B Apartments
c. Class C Apartments

3. Apartments for rent available during current quarter.

4. Vacancy rate during:

a. Current Quarter
b. Previous Quarter

5. Volume of calls from prospective renters.

6. Change in:

a. Asking Rent
b. Effective Rent