ADDRESSING THE NEW MARKET

June 24th, 2009

I suppose there is no better time to start a “blog” than now. It seems as though nearly every phone call and conversation has some reference to the recession. Rents are down, vacancies are up, concessions are getting more and more creative…

Even after hearing all this dour news over and over, people still need a place to live and, I believe, people will seek well located, well maintained homes/buildings/apartments. Once we all get over the belief that this recession isn’t going to end quickly or dramatically, it is helpful to understand some macroeconomic trends that are in “our” favor.

I encourage you to read the attached article and start thinking about how many kids are in high school and college now; our system is packed with “echo boomers”. These folks will be renters and then likely owners in the next 10-15 years. Demographics don’t lie and there are a lot of people growing up (the “echo boomers” as referred to in the attached article) who will need a place to live.

http://money.cnn.com/2009/06/21/real_estate/Harvard_state_of_housing/index.htm

Craig