Salt Lake City’s economy ranks among the healthiest in the West region of the country. That – plus healthy occupancy rates – led to big expectations for rent growth in 2013. But instead, Salt Lake City posted only moderate rent growth over the last year. What happened?
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The Nashville apartment market has been on fire as of late, thanks to a terrific economy, robust job growth, and restrained building activity. But with significant new supply expected in 2014, will Nashville’s apartment fundamentals cool down?
Economics and demographics aren’t nearly as attractive in Greensboro/Winston-Salem as they are in other Carolina markets. And as a result, the Triad’s apartment market has put up consistently lackluster numbers in the past couple years.
After tracking with the national norms for rent growth in recent years, Orange County’s apartment sector has climbed above the average in the last two quarters. But with some economic challenges and rising supply levels, can rent growth accelerate further?
Wichita is one of those attractive local apartment markets not yet getting much attention from investors or developers. While there also some downside risks that are apparent within the metro, it’s worth the effort to kick the tires here.
Apartment construction has reached the highest levels in more than a decade in Kansas City. And even though little of that has completed yet, rent growth levels are already slowing down – particularly in the key Johnson County submarkets.
West Palm Beach has been one of the hottest apartment markets east of the Mississippi River over the last two years, producing good rent growth in spite of an economy that still has a sizable hole to dig out of from the recession. Can the hot streak continue?
The Miami apartment market now ranks among the country’s strongest overall performers and it’s outlook for the immediate future looks favorable.
Among apartment markets posting strong growth and tight occupancy rates in recent years, almost all of them have seen construction surge up around or above long-term highs. But one notable exception is Portland, where very manageable supply levels should position Portland to rank among the nation’s top-performing markets in the next year or two.
Now that the overall economy of the Richmond apartment market has recovered the ground lost previously during the recession, has the same recovery taken place in the apartment market performance?
After posting brisk rent growth in 2011, Austin saw rent growth levels start to cool moderately in 2012 as construction ramped up. That pattern was expected to continue into 2013 as even more new product broke ground. But instead, rent growth levels actually picked up again. It’ll be much tougher to sustain that performance in 2014, when new supply should hit peak levels.
Las Vegas remains light years behind every other apartment market nationally in the recovery process, but the Sin City is now at least moving in the right direction – finally. Las Vegas showed solid momentum in both occupancy and rent in 2013, thanks to gradually improving job growth levels.
After basically recovering the losses incurred during the downturn of 2008-2009, Connecticut’s apartment markets saw rent growth stall and occupancy cool in 2013.
Apartment demand in Boston fell short of rapidly rising supply levels in 2013 – not a good sign considering completions will climb even further in 2014, up to a two-decade high. As a result, apartment operators have really pulled back on rent growth levels.