Delays Hurt Apartment Developers Already Threatened by Rising Prices

High materials prices and some uncertainty on fundamentals cloud the picture for multifamily development in the near term.

February 8, 2021 | Bendix Anderson | Wealth Management Real Estate

Investors looking to bet on new ground-up apartment projects should be ready for delays and potential price hikes.

“Prices are increasing so rapidly, some contractors are placing orders in advance—and that is pushing out delivery times,” says Ken Simonson, chief economist for the Associated General Contractors of America (AGC), based in Washington, D.C.

Shortages in key construction materials are also pushing prices higher. Rising steel prices shocked many apartment companies in January 2021. The price of lumber has already risen for most of 2020.Read Full Article

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