New from MPF Research: Houston Occupancy, Vegas Rents and Top Markets for Completions, Jobs and Permits
MPF Research provides actionable apartment market research to apartment investors and operators. Here’s the latest from RealPage’s multifamily intelligence division.
Houston’s operable apartment stock essentially full in September
Post-Hurricane Harvey, Houston’s occupancy and rent growth levels have increased. Price hikes, though, are modest and indicate operators are mindful of assisting displaced Houstonians.
A new report analyzes the latest apartment market data, which suggests the metro’s operable units were full in September and operator behavior differed from some industry expectations.
Top markets for quarterly completions in 3Q 2017
Multifamily completion volumes remain at peak levels across the nation, with many new units delivering in 3rd quarter 2017, specifically.
Among individual metros, New York, Dallas, Houston and Seattle led the rankings for the most completions in the quarter, with each metro seeing at least 5,000 units come on line in the three-month period.
Employers pull back on hiring in August
National job gains continued to slow in August, with U.S. employers adding just under 1.8 million jobs in the year-ending August 2017. That figure grew the country’s job base 1.2%, according to preliminary data from the Bureau of Labor Statistics.
New York, Atlanta and Dallas led for actual gains, while Sarasota/Bradenton, Tacoma and Raleigh led the top 10 growth markets.
Permit volumes rise as some major metros see increased activity
Increased permitting activity among major metros over the past year brought the national annual totals above the year-earlier level in August 2017.
For the month, Dallas rose five spots to #1, pushing New York to #2. Adding to the shakeup, five metros were introduced to the top 10 markets for multifamily permits.
Meanwhile, on August’s annual leaderboard, six metros reported year-over-year increases.
Las Vegas lands at #2 for rent growth in 3Q 2017
Las Vegas apartment rents grew 5.8% annually to rank #2 among top U.S. metros. That performance continues a hot streak in Las Vegas, which has seen strong rent growth levels for more than two years.
In a new report, MPF Research analyzes market fundamentals, including supply volumes, demand levels and economic trends.
For the latest multifamily market insights, visit MPF Research.