HUD Market conditions

[Mandy Waryasz]

Hello! Can someone help me understand the following and whether this is a good or bad sign? 

Current sales market conditions: tight
Current apartment market conditions: tight

This is from an HUD market profile. For reference, I am looking to house hack by buying a multi-family and renting out the other apartments. My guess is this strategy would work for most markets, but I would like to understand the nuances of market analysis. 

Thanks!

Mandy