Matrix Reports
Inland Empire Shows Strength
Backed by a booming industrial market, the metro added 48,000 jobs in the 12 months ending in July. Apartment deliveries have been slow throughout the cycle, but that is likely to increase as demand continues to push rents higher.
Kansas City’s Growth Story
Appealing workplaces, such as WeWork, are opening in the metro’s core submarkets, attracting young professionals to live-work-play environments. Job growth has exceeded the national average and helps maintain a robust demand for apartments.
Knoxville: No Longer in Nashville’s Shadow?
Both investors and developers are actively seeking opportunities in the market, which is expected to add new units at a rate that has not been met since 2011.
Population Growth Sustains Demand in Nashville
The city is slowly diversifying its economy, venturing from reliance on the entertainment industry. In response to the growing demand, developers are ramping up construction, with more than 13,000 units underway as of July.
Phoenix: Maintaining Momentum in the Desert
The metro is outpacing the country in job creation and population growth, drawing multifamily developers and investors looking for opportunities in second-tier markets.
Rent Growth
Rents were up 2.4% nationwide, a 20-basis-point decline from July. Although overall gains have slowed during the summer months, August kept alive a streak during which rents have increased every month this year.
Raleigh: Solid Fundamentals Round Triangle’s Edges
Population gains and steady rent growth are luring multifamily investors and developers to the Research Triangle. Demand is outstripping supply, but with more than 5,000 units scheduled for completion by year-end, that trend is likely to moderate.
Strong Demand Augments Twin Cities Occupancy
The metro’s healthy economic growth, low unemployment rate and strong multifamily fundamentals continue to attract investors and developers to the region.
Strong Fundamentals Fuel Heavy Development in DC
Young professionals, drawn by the metro’s well-paying jobs, are pushing up demand for upscale communities in transit-oriented and live-work-play areas. However, a robust construction pipeline—the third largest in the country—is maintaining a modest rent increase, raising concerns of overbuilding.
New Supply Keeps Rent Growth Tepid in Baltimore
Spearheaded by the revival of its core and by the emergence of the Baltimore-Washington corridor as a strategic location, the metro’s multifamily fundamentals have stabilized.