New from MPF Research: Planned Project Tracking, Job Growth, Peak Completions
MPF Research provides actionable market research to apartment investors and operators. Here’s the latest from RealPage’s multifamily intelligence division.
Tracking planned projects through the pipeline in California
Elevated apartment supply volumes have drawn the attention of investors and operators, especially as job growth has decelerated across several markets. But the product coming online is not an overnight occurrence, as months of planning and construction are industry givens.
A new report from RealPage’s Axiometrics looks at year-by-year statuses of units planned in 2014, ultimately arriving at a 2017 snapshot of those units.
With national numbers serving as a backdrop, metro-level figures reveal interesting trends, including a disparity of stabilization rates, among six California markets.
February numbers reshuffle top metros for job growth
U.S. employers added more than 2.1 million jobs in the year-ending February 2017, growing the country’s employment base 1.5%, according to preliminary data from the Bureau of Labor Statistics.
On the actual gains leaderboard, Dallas fell from its runner-up position. The metro grew by 91,500 jobs – a dip from the 105,600 positions added in the year-ending January 2017. The pullback allowed Atlanta to reach #2.
Meanwhile, Orlando led the top 10 markets for job base growth, expanding by 4.3% in year-ending February 2017. Four markets fell from the metro-level percent-change standings.
NMHC panel discusses impact of peak supply
In the age of peak completions, occupancy is taking a hit, concessions usage is increasing and new projects are facing more challenges in crossing the finish line.
Industry experts at the National Multifamily Housing Council’s Research Forum analyzed these supply-influenced trends. Jay Denton, senior vice president of analytics at RealPage’s Axiometrics, was among the speakers.
Looking to pipeline data, Denton questioned how many projects in the planning phase would come to fruition. Read about Denton’s insight and NMHC panel coverage.
For the latest multifamily market insights, visit MPF Research.