New from MPF Research: Apartment Turnover, Permit Volumes and More
MPF Research provides actionable market research to apartment investors and operators. Here’s the latest from RealPage’s multifamily intelligence division.
Three factors that influence apartment turnover
Resident turnover is a given in the multifamily industry – but what does the turnover ratio tell us?
In a new report, MPF Research looks at metro-specific renewal conversation rates, as well as renewal influencers – like job growth, renter age and supply volumes – to make a case for utilizing turnover data as a meaningful gauge for the bigger operational picture.
Seattle selected as rent growth leader in market momentum survey
Over the next six to 12 months, look for rents in Seattle to rise faster than in any other metro area in the country. At least, that’s the consensus of several industry leaders recently surveyed by the National Apartment Association and RealPage.
The Market Momentum survey shows the northwest metro ranks No. 1 among the top five expected rent growth leaders.
Permit volumes rise in June, breaking a three-month slide
Local governments across the country approved 42,462 multifamily units during June 2017, a 15.1% increase from a year prior, according to the U.S. Census Bureau.
Among individual metros, the leaderboard saw a significant reshuffling. Austin authorized more than 2,300 units for the month, leading the top 10 markets for apartment permits.
Market Momentum Survey is split on retention in Atlanta
Resident retention in Atlanta is expected to strengthen over the next year, a recent survey shows. But that same survey also indicates sentiment toward the opposite – an outlook with higher turnover.
In an exploration of the divergence, MPF Research analyzes hiring trends, renter age and future metro inventory.
Top four metros unchanged in June’s employment report
The hiring picture continued to improve in June, with U.S. employers adding more than 2.2 million jobs in the year-ending June 2017. That figure grew the nation’s employment base 1.5%, according to preliminary data from the Bureau of Labor Statistics.
Among U.S. metropolitan areas, New York led for actual gains. The market added 147,000 new positions during the 12-month period. Meanwhile, two Florida metros led the top 10 markets for job base growth.
For the latest multifamily market insights, visit MPF Research.