Multi-family building up 15% this year.

Demand is up for apts. As the economy improves more young people are moving out of their parents homes. They are choosing apts rather than houses because of the tough housing markets

More than 1/2 of the people in this region rent so their is plenty of room to expand.

This is good news for small mom and pop landlords. What is being built is luxury units- not the ones that we investors own. So don’t worry about competition. People at the lower end are also moving out of their parents home and their choices are limited. This bodes well for rising rents.

Remember that evaluating units is not the same as single family houses. The value of an income property is in its income. Comps are not applicable.