Kimberly Byrum, Zonda

Zonda managing principal Kimberly Byrum says she is seeing the best apartment market fundamentals in her 30-plus-year career in the multifamily industry.

“We think it’s smooth sailing for the next couple of years,” she says. “We don’t see any changes other than we probably need more product to meet the demand.”

Byrum outlined the latest multifamily market fundamentals and trends from the COVID-19 pandemic in a recent webinar for Zonda, Multifamily Executive’s parent company.

For supply and demand conditions, traditionally the industry had been running around the pace of 300,000 units absorbed and built on an annual year-over-year basis looking back to 2016, according to Byrum. The absorption figures dropped in the second and third quarters of 2020 when things came to a standstill due to the pandemic, but beginning in the second quarter of 2021, the industry has seen a jump. Year over year, she notes the industry is sitting at 600,000 units absorbed as of the third quarter.

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