The document outlines the four stages of a real estate cycle, including two stages of a seller's market and two stages of a buyer's market. It describes factors like vacancy rates, new construction, absorption, employment growth and rental rate changes that characterize each stage as the cycle progresses from recovery to expansion to hypersupply to recession.

1. kiddermathews.com
SELLERS MARKET
Stage 1
SELLERS MARKET
Stage 2
BUYERS MARKET
Stage 1
BUYERS MARKET
Stage 2
RECOVERY EXPANSION HYPERSUPPLY RECESSION
Decreasing Vacancy Rates
Low New Construction
Moderate Absorption
Low/Moderate Employment Growth
Neg/Low Rental Rate Growth
Decreasing Vacancy Rates
Moderate/High New Construction
High Absorption
Moderate/High Employment Growth
Med/High Rental Rate Growth
Increasing Vacancy Rates
Moderate/High New Construction
Low/Negative Absorption
Moderate/Low Employment Growth
Med/Low Rental Rate Growth
Increasing Vacancy Rates
Moderate/Low New Construction
Low Absorption
Low/Negative Employment Growth
Low/Negative Rental Rate Growth
Source: rental-property-investing.com
Real Estate Cycle
Indicates 1st stage
within the phase
Indicates 2nd stage
within the phase
Indicates 3rd stage
within the phase