Ivy Zelman on the Coming US Housing Crisis
Macro Hive Conversations With Bilal Hafeez
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Will the Build for Rent Demand Continue?
There's an elevated level in backlog of spec homes that are being constructed. And then builders want to sell those homes, so there's incentives have spiked cancellation rates are spiking. We think anywhere from a third to 40% is speculative within the single family market. Multi families all speculative because they're building high rise podiums and things like that. The demographics are definitely a headwind for us as we go into next year. But given the backlog, if we would be overbuilt in multispeciality markets across the globe, it wouldn't make any difference at this time.
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