Renter demand for apartments continued to accelerate in the third quarter of 2017 as the market absorbed more than 70,000 units and the overall national vacancy rate for U.S. apartments continued to trend lower after turning sharply up at the end of last year.
Sam Zell (pictured above) recently stated: “The real estate cycle is nearing its end” (Pensions & Investments, May 1, 2017). We must admit that Sam had great timing when he sold his Equity Office REIT to Blackstone in 2007 which was the peak of the last cycle.Of course, Sam is also not afraid of real estate recessions. He earned the title “The Grave Dancer” back in the early 90s when he bought properties at steep discounts from their replacement cost during the bottom of that cycle. So, what are the facts?