We are speaking of the multi-family home market, where rents have been on a tear, and where apartment builders have been ramping up production. Over the past year, residential real estate investment trusts (REITS) have been the best performers in the REIT investment space.

Such a strong run in multi-family home construction begs a question: Is the multi-family sector forming a bubble? We have to ask, because over the past 25 years, we haven't seen this much multi-family construction packed into one year. We obviously don't have a definitive answer, but at a minimum we can say that the multi-family market deserves to be closely monitored.

On the other side of the coin, it appears the single-family sector still has plenty of room to run, and we think it will run in 2013. As rents continue to rise, home ownership will appear more attractive compared to renting. This paradigm will motivate more households to take the ownership plunge, and we see many of these households opting to plunge into single-family homes.

In short, we see a strong housing market for 2013, but we see more of that strength shifting to the single-family sector.

 Courtesy of Jessica Regan.

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