Multifamily Minute Reader Reflections: Assessing Preparedness for 2024
As 2023 winds down, you told me exactly how confident you are about 2024 — and why. Get the latest insights from our 45,000ish subscribers.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!As the year begins to wind down to a close, I wanted to know your personal outlook for your multifamily investments.
So, I asked you to describe your confidence level.
With…a number.
Call it impersonal (like a Target gift card; thanks Mom), but these sentiment figures from our Multifamily Minute subscribers are incredibly insightful.
There's some nuance that gets lost, of course, but understanding the general mood of multifamily investors rights now — and sharing it back with you — helps me understand how and why you're feeling what you're feeling.
That, in turn, leads me to designing more and better educational resources, highlight certain loan programs, and even showcase types of investments or markets that you'll find useful in the new year.
Survey Results
Last week, I asked you to rate how much you agree with the following statement from a 1 to a 10:
"I am confident that I am prepared to face potential and current challenges within the multifamily sector."
A 10 means you're just filled with confidence — brimming with it. A 1 means…well, it means you're seeing a lot of trouble ahead.
The average of all our responses was a 7.5 (with a median value of 8).
That means, most of you reading this are amazingly confident in your (and your portfolio's) ability to weather just about anything that the sector can throw at you.
Of course, nobody has a crystal ball. But what might help are some of the answers given by your peers to the follow-up question: What's your biggest concern?
- Rent control
- Oversupply/overbuilding
- Insurance prices
- Rent collections
There's some valid concerns here, for sure. I've been talking about oversupply and skyrocketing insurance costs for the last while now, and I think rent control has been well covered by most industry media.
So, message received: I'll start hitting the books and talking to experts to see what more we can do to combat some of these. Expect to hear more from me in the Minute and on the Multifamily Loans blog in January!
Get the Multifamily Minute
Need a last-minute gift for that special multifamily investor in your life? Gift them the power of industry insights, mixed with news, trends, and how-to guides to help them level up their portfolios. (Totally works as a gift to yourself, too.)
Our Previous Survey Results
A few Tuesdays ago, I asked you how you invest in multifamily properties. Not really about investment strategy, but more investment vehicle. Do you use syndications, joint ventures, or go it alone?