New from MPF Research: Axiometrics Merger, Class A Occupancy, Metro-level Insight
MPF Research provides actionable market research to apartment investors and operators. Here’s the latest from RealPage’s multifamily intelligence arm:
Axiometrics to Merge with MPF Research
The scope of RealPage’s market research division is broadening; MPF Research is set to merge with recently acquired Axiometrics. Additionally, RealPage has entered into a long-term relationship with Real Capital Analytics (RCA). The data analytics power of RealPage, combined with data from Axiometics, MPF Research and RCA, will create a unique, powerful platform.
Class A Occupancy Leaders
Could luxury-heavy deliveries prompt a rise in Class A vacancies? While some markets are feeling pressure from new product, other markets are managing to sustain – and even strengthen – healthy multifamily occupancy rates. In 4th quarter 2016, New York and Detroit led the top 12 markets for Class A Occupancy, while Minneapolis/St. Paul saw the list’s greatest annual change.
Metro-level Insight: Bay Area Renewals and Austin Supply
The Bay Area has long been a reliable leader for revenue growth. Recently, however, area rents slowed and prompted market durability concerns. To determine whether the Bay Area’s pricing pullbacks are an overreaction or a structural shift, MPF Research examined renewal-pricing trends, employment growth and rising construction activity.
Performance within other California markets is more readily decipherable. In 2016, many West Coast metros experienced significant year-over-year rent growth momentum. Riverside/San Bernardino’s rate hikes were especially impressive. Registering an annual upward shift of 360 basis points, the market saw rent growth of 9.2%.
Meanwhile, slowed employment growth and apartment absorption have influenced pricing power in Texas’ capital. As hiring falls from robust, earlier-cycle levels, will a supply-demand imbalance carry into 2017? In a new Apartment Market Dynamics video, MPF Research economists discuss the market’s performance and outlook.
For the latest multifamily market insights, visit MPF Research.