For the moment, development activity in Atlanta isn’t out of control, though it’s key to note that “for the moment” is an essential part of this statement.
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With the local economy still very much in recovery, Philadelphia’s apartment market has yet to see occupancy climb back up to normal levels. As a result, rent growth remains limited.
A surge of new apartment construction starts puts Jacksonville among the nation’s most active markets despite ranking among the nation’s worst for both apartment occupancy and rent change levels.
Despite the Cleveland apartment market’s occupancy premium relative to the national norm, the metro’s rent growth performance is running a bit below the U.S. average.
The headwinds are picking up in Portland – more home sales and more new apartment supply. But those factors haven’t done much to weaken Portland’s strong apartment fundamentals.
Greg Willett recently appeared on America’s Commercial Real Estate Show where he spoke with host Michael Bull about the performance of the U.S. apartment market for the first quarter of 2013.
The Connecticut apartment market – which includes Hartford, Bridgeport/Stamford/Norwalk, New Haven and Norwich/New London – has put up consistently strong occupancy rates but slowing rent growth levels.
With Florida apartment demand holding steady at the same time that national demand slowed, the Sunshine State has played an increasingly important role in the nation’s apartment sector results of late.
From 2010 to 2012, the Carolinas were home to some of the hottest apartment markets in the country—both large and small—thanks to great demographics, solid job growth, strong apartment demand, and big rent growth. But the story line is beginning to change.
Phoenix is showing solid job growth, but still unsteady demand for apartments. As a result, occupancy is climbing – but more due to limited new supply rather than strong demand. And yet, the market saw a flurry of new starts in 1st quarter 2013. What does that mean for the Phoenix apartment market going forward?
While San Francisco and San Jose have been trading back and forth the #1 spot for apartment revenue growth during much of the past few years, the neighboring Oakland/East Bay area now is making a strong run for that top position.
Baltimore was one of the hottest apartment markets in the country in 2010 and 2011, and that led the metro’s biggest wave of new apartment development in more than two decades. But in the last year – ahead of all the new supply completing, apartment fundamental have begun cooling off.
Unlike most of the nation, the Los Angeles apartment market has yet to reach a full recovery in rental rates since the recession. However, like most of the nation’s apartment market, Los Angeles is seeing a big surge in new apartment development.
It doesn’t take too much digging to identify the biggest challenge in the Albuquerque apartment market right now: as the local economy continues to struggle it’s going to be hard for Albuquerque apartment communities to realize even modest revenue growth.