By Leslie Shaver | Multifamily Dive
With fewer projects breaking ground and less demand for parcels to build on, it would make sense that landowners might back off their pricing demands.
Construction loans have been increasingly difficult to secure over the last couple of years, and many equity providers have also pulled back from the market. As a result, apartment starts have cratered, most recently dropping 21.8% year over year to a seasonally adjusted rate of 363,000 in July.
But prices are only dropping in certain instances, experts tell Multifamily Dive. In fact, many developers haven’t seen costs budge that much yet.
