New from MPF Research: Permit Volumes Surge in Two Major Metros, Detroit Fundamentals Remain Favorable, Webcast Explores Market Trends
MPF Research provides actionable market research to apartment investors and operators. Here’s the latest from RealPage’s multifamily intelligence division:
Experts Talk Market Trends in MPF Research Webcast
MPF Research’s latest interactive webcast analyzed emerging construction narratives, ranked top markets for development viability and explored student housing supply trends.
The free event, hosted by RealPage Chief Economist Greg Willett, MPF Research Vice President Jay Parsons and new RealPage family member Jay Denton of Axiometrics, is now available to view on-demand.
Apartment Permit Volumes Surge in NYC, D/FW in January
The New Year brings reinvigorated permitting momentum for a pair of major metros, boosting national numbers above the year-earlier volume. During January 2017, total U.S. multifamily permitting activity rose 14.1% from a year prior, according to preliminary data from the U.S. Census Bureau.
For the month, there was a large disparity among the nation’s top 10 markets for apartment permit volumes. New York and Dallas/Fort Worth realized respective tallies of 4,482 units and 3,459 units. Those figures propelled the two markets substantially ahead of other leading contenders, many of which logged authorization counts below 1,000 units.
Fundamentals Remain Favorable in the Motor City Apartment Market
The Detroit apartment market continues to outperform expectations. In 2016, the Motor City metro registered solid rent growth, few vacancies and a multifamily construction volume near a decade high.
Much of the current strength is occurring in close proximity to the urban core, with Downtown/Midtown/Rivertown leading Detroit’s submarket leaderboard for annual rent growth. The neighborhood recorded an impressive 9.3% annual change in 4th quarter 2016.
As additional product comes online, can the market’s employment situation support a similar performance in 2017? Detroit’s prominent manufacturing sector continues to see growth come down from the recent peak, but other industries are beginning to rally – and more than 4,000 under-construction units appear to signal developer confidence.
For the latest multifamily market insights, visit MPF Research.