NAA and RealPage Release the 2017 Market Momentum Q2 Report
The hottest markets for investing, rent performance and resident retention have been announced in the National Apartment Association’s Market Momentum Report, produced in partnership with RealPage. The Market Momentum Report is a survey of industry decision-makers about business plans, expectations and trends in the apartment housing industry.
“Market Momentum provides our members with useful and timely data from their peers—not only what is currently happening in the marketplace, but expectations for the near-term,” said NAA President and CEO Robert Pinnegar, CAE.
The top investment market at the moment is Miami/South Florida with Washington, D.C., Dallas, Atlanta, and Seattle rounding out the top five.
“Investors are betting these fast-growing economies will generate demand that keeps pace with aggressive construction volumes,” said RealPage Chief Economist Greg Willett.
Seattle, Dallas, Central Florida, Atlanta, and Boston all earn top five honors in rent performance/growth. Seattle’s current eight percent annual growth will be tough to sustain, but it still remains in the top five among rent performance. Houston, Washington, D.C., New York, Nashville, and Austin can expect to experience a period of flat to negative growth for the next six to twelve months.
Atlanta, which is strong as an investment market, also comes in strong for resident retention. Washington, D.C., Charlotte, Raleigh, and Seattle all remain strong in resident retention compared to last year’s levels. Dallas, previously in the top market, fell off the list, and Houston received the worst rating for resident retention corresponding to its flat rent growth. However, Atlanta, Washington, D.C., and Charlotte, also appear on the worst rating list, which serves as a striking indicator of the variance among operators or neighborhoods within any given metro area.
“Our members can use this information as they develop their investment strategies,” Pinnegar said.
Find out more and download the full report here.