Challenges with Appraising in the Secondary/Tertiary Multifamily Rental Market

This article concerns the valuation of investment-grade and non-investment-grade apartments within secondary/ tertiary markets. Despite access to increasing amounts of statistical data via the internet through national data sources, values still are primarily derived by local market activity. Outsid...

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Bibliographic Details
Published in:The Appraisal journal 2019-09, Vol.87 (4), p.234-247
Main Author: Kimball, William J
Format: Article
Language:English
Subjects:
Apartments
Appraisals
Appraisers
Capital expenditures
Financial analysis
Housing
Real estate investment trusts
Sales
Trends
Valuation
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Summary:This article concerns the valuation of investment-grade and non-investment-grade apartments within secondary/ tertiary markets. Despite access to increasing amounts of statistical data via the internet through national data sources, values still are primarily derived by local market activity. Outside information, however, can be supportive in some cases in valuation in secondary/tertiary markets. In this article, both local and national trends and patterns are analyzed to demonstrate how trending values and rates can be used to augment the typical valuation. Similarities and differences in local and national data are discussed as well as specific statistics. In the end, opinions of value can recognize both local and national indicators to better understand real estate values in local markets.
ISSN:0003-7087