Sacramento posted 3Q 2013 apartment performance stats that were the best the metro has seen in quite some time, but can that momentum be maintained over the near term?
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Little Rock ranked among the nation’s hottest small markets in 2010 and 2011. Since then, occupancy rates have fallen and rent growth levels have slipped – not because of weak demand, but because of too much new apartment supply.
Occupancy has been in strong shape in Providence for more than three years, but rent growth levels remain pretty modest – following the pattern seen in most markets in the Northeast region.
Is the uncharacteristic slowdown in annual growth in effective rents for South Carolina’s Greenville/Upstate apartment market a big-picture inflection point in the pattern or just a one-off odd number?
Despite still-weak employment bases, the key markets in Southwest Florida – Fort Myers/Naples and Sarasota/Bradenton – continue to show surprising strength within the apartment sector. Both ranked among the nation’s top five for annual revenue growth as of 3rd quarter 2013. But can the hot streak continue?
While select stats for 3Q didn’t quite match up to the results posted over the past couple of years, the Oklahoma City apartment market remains one of the better overall performing secondary apartment markets.
The Southern California apartment markets have been consistent laggards in the U.S. apartment sector’s boom over the last few years. But that may be changing, as the three core SoCal markets all notched year-over-year rent hikes above the U.S. average in 3rd quarter 2013.
The St. Louis economy has yet to record any meaningful momentum coming out of the recession. And as a result, overall apartment stats remain unimpressive.
Look for occupancy and rent growth stats in metro San Francisco’s suburban apartment base to overtake the performance of the urban core during the next year or so.
Knoxville’s apartment market has seen significant volatility in recent years, but is showing some promise of late – posting strong gains in back-to-back quarters.
Midwest apartment markets posted strong revenue growth in 2011 and 2012, but they’ve slowed in 2013 as job growth levels have cooled off – and Cleveland is a textbook example of that trend.
Recently-released Census Bureau information ranks Brownsville as the country’s poorest metro and adjacent McAllen as the third-poorest spot across the nation. Is it possible to realize any apartment rent growth in that sort of environment?
Charleston, S.C., continues to look like one of the nation’s most attractive smaller apartment markets – with healthy apartment stats across the board, plus strong underlying economic and demographic tailwinds.
Apartment occupancy rates, which have fluctuated somewhat in Fort Lauderdale in recent years, made strong progress over the past year. However, rent growth remained fairly limited – and that will likely remain the case going forward due to a looming spike in new apartment supply.