The Los Angeles apartment market has yet to show consistently strong momentum since coming out of the recession. Is the City of Angels facing a “new normal” below the typical revenue growth levels of the mid-2000s?
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For the first time in more than two decades, Austin’s apartment sector is expected to see big growth in both the local economy and in new apartment supply. Can Austin’s projected economic growth cushion the apartment sector from a 20-year peak in new development?
The demand news for the Phoenix apartment market during the initial three months of 2014 was solid. However, the near-term outlook for the metro is only lukewarm.
The Nashville economy is generating consistently more jobs than it has at any point over the last decade. That, combined with the strong demographic trends, has helped sustain tight occupancy rates and impressive rent growth. But it’s also led to a huge spike in apartment construction, and the first wave will start hitting the market later this year.
For firms concentrating on big-time overall apartment demand potential, six apartment markets across the country stand head-and-shoulders above their counterparts in terms of current momentum.
One theme seen in 1st quarter 2014 was the re-acceleration of rent growth levels in some of the nation’s hottest development markets, including California’s Bay Area. What does the improved momentum tell us about the market’s fate going forward as even more new supply is set to complete?
The top 12 apartment markets for rent growth during Q1 2014 saw pricing upturns in the existing stock even as construction volumes ramped up.
MPF Research reports that the U.S. apartment sector continues to post strong fundamentals even as new supply levels ramp up – with occupancy registering around 95% and annual rent growth around 3% for the seventh consecutive quarter.
Though offering a relatively low upside, Des Moines has established itself as a consistently solid apartment market – with occupancy rates holding around 96% and annual rent growth steadily registering between 2% and 3%.
Effective rents for new leases in Jacksonville apartments dropped 1.3% during 2013’s final quarter, wiping out the mild progress made earlier in the year. Will apartment fundamentals improve at all during 2014?
Solid job growth in Lexington did not translate to solid apartment demand in 2013. What happened? It could be a factor you might not expect to see in a college town like this one.
A smaller coastal market just north of San Francisco, Santa Rosa/Petaluma quietly emerged as the top-performing apartment market of 2013. Santa Rosa/Petaluma led the nation’s core 100 metros with rent growth north of 10%, while ranking #2 for overall occupancy.
While the performance outlook for top apartments in Raleigh/Durham isn’t good during 2014, this is a place where momentum probably will return very quickly due to a favorable economic structure and desirable demographics.
Job growth has returned to more modest levels in metro Detroit, but apartment occupancy rates remain well above normal — particularly outside the city itself. And rent growth levels have cooled but are still decent.