New from MPF Research: Top Metros for Employment, Permits and the Future of Affordable Housing
MPF Research provides actionable market research to apartment investors and operators. Here’s the latest from RealPage’s multifamily intelligence division.
Where are affordable housing units at greatest risk of expiring?
In relation to the number of low-income households, there is a major shortage of designated affordable housing in the U.S. In the latter half of a two-part series, which first analyzed the availability of Low Income Housing Tax Credit (LIHTC) units, MPF Research looks at metro-level expirations of associated tax breaks.
The new, interactive report finds the situation is particularly dire within specific markets. In 2016, Washington, DC led for expiring units. Moving forward, the vulnerability shifts to Hartford, Phoenix and San Antonio. Roughly 40% to 50% of LIHTC units in those metros will expire by the end of 2020.
Latest data shows Dallas/Fort Worth leads for multifamily permits
An increase in permitting activity throughout several major markets helped boost national figures. During March 2017, total U.S. multifamily authorizations rose 33.8% from February 2017 and 17.6% from a year prior, according to preliminary data from the U.S. Census Bureau.
For the month, Dallas/Fort Worth, New York and Los Angeles led the top 10 markets for permitted units. More than half of the leading metros for authorized units registered year-over-year growth greater than 80%.
Annual job gains top 100K in three metros in March
The nation added more than 2.1 million jobs in the year-ending March 2017, expanding its employment base 1.5%, according to preliminary data from the Bureau of Labor Statistics.
Among metro areas, leaders for actual gains were largely unchanged, with New York, Atlanta and Dallas each adding more than 100,000 net jobs in the year-ending March 2017. Minor shifts included the departure of Orlando and the introduction of Detroit.
The market-level leaderboard for job base growth experienced a more pronounced shakeup, with five new markets entering the standings. Further, Palm Bay/Melbourne/Titusville pushed Orlando from the top spot. The coastal market expanded its workforce by 4.6% in the year-ending March 2017.
For the latest multifamily market insights, visit MPF Research.