Polger: “Our current investment thesis is that as a direct result of this dichotomy, there is much more room for measurable rent growth with the older properties, especially after they are improved and modern amenities are added.”
Renting continues to be the way for many to go these days with fewer opting to make that first home purchase and downsizing by the 50+ crowd. Also continued is the shortage or lack of adequate rental inventory. So developers and investors have a choice, to scout around for the land, buy it right (key point) and build. All very expensive…or look at the 1970-80 product out there; find the good ones and provide a much needed facelift to riches!
http://www.globest.com/sites/carrierossenfeld/2016/10/19/why-buy-decades-old-apts-now/
