Annual job growth levels are at a 12-year high in Omaha, and that has allowed apartment occupancy rates to tighten up considerably.
Apartment Market Dynamics Industry News and Data
The Sarasota/Bradenton apartment sector posted strong revenue growth through much of 2011. But with an economy remaining in weak shape, a cool down seemed inevitable – and signs of one emerged in 2012’s 2nd quarter.
Oklahoma City shares a lot in common with Texas markets – and not just geography. Strong job growth has led to some healthy apartment stats, particularly at the top end of the market.
While occupancy in Northern New Jersey’s apartment market almost always is very tight, the area has a tendency to underperform many other locales in terms of rent growth. Right now, however, there’s notable momentum in apartment rents.
One year ago, Little Rock appeared to be one of the nation’s healthier secondary apartment markets. But as job growth levels have waned, so have apartment revenue growth levels.
Sacramento’s economy has really struggled in the past few years, and that’s made it difficult for the apartment sector to gain much momentum. And in 2nd quarter 2012, no major market performed worse than Sacramento.
The apartment market in metro Detroit is doing quite well, actually outperforming results seen for the nation as a whole in terms of annual revenue growth.
Occupancy rates remain strong in the big four Upstate New York metros – Albany, Buffalo, Rochester and Syracuse, but the revenue growth outlook is promising in only one of them.
The gap in rent growth levels has become unusually large between the nation’s primary and secondary markets – even though occupancy rates and job growth numbers are similar. What is fueling that trend?
Across many U.S. metros, apartment properties in or adjacent to downtown rank among the strongest performers right now. That’s certainly true in metro Chicago, with the pattern seen especially in the robust rent growth posted in The Loop.
Annual job growth levels hit a 14-year high in Louisville during 2012’s 2nd quarter, boosting occupancy and rents in the local apartment market.
Pittsburgh once again has the nation’s best occupancy rate among the nation’s core 100 markets in 2012’s 2nd quarter.
Few apartment markets across the U.S. can match the performance momentum posted in the Denver/Boulder area. Furthermore, the near-term future prospects for Denver look pretty good.
Corpus Christi led the nation with its job base expanding 4.0% year-over-year. And as a result, Corpus Christi ranks as one of the very best secondary apartment markets anywhere in the country.