Apartment owners mull surge in multi-family starts

A check of apartment REITs finds the group little-changed amid a surge in multi-family starts and permits in April. Finance professor Amir Sufi says it's pretty simple - builders are well aware of the data represented in this chart showing rents easily outpacing inflation over the past few years.

Trulia's Jed Kolko says 93% of multi-family starts are intended as rentals and 89% of them were 20+ unit buildings. Both of these metrics were in the 60% range during the bubble years.

Equity Residential (EQR +0.2%), AvalonBay (AVB -0.4%), Essex Property (ESS +0.2%), Post Properties (PPS -0.1%), UDR (UDR), Apartment Investment (AIV +0.5%), Camden Property (CPT +0.1%), Home Properties (HME -0.1%), Mid-America Apartment (MAA)

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