While the multifamily market currently shows signs reminiscent of the devastating late 1980s, it looks like the industry is on track to a strong fourth quarter in 2003 and should remain steady for the foreseeable future. Although several areas have seen some of the short-term negative indicators that defined the late 1980s – an increase in vacancies, a rise in concessions, as well as stagnant rents – many states, including California, Texas, and New York, still have a major shortage of units and new development will continue.
