Matrix Reports
Albuquerque: On the Mend
The area’s multifamily market is held back by a persistent struggle with a sluggish labor market. Despite being the hub of New Mexico’s technology corridor, the metro has experienced only modest population and employment growth throughout the recent economic expansion.
Miami’s Healthy Climate
With substantial job gains and above-average population growth, the city continues to foster positive fundamentals for multifamily. However, rent growth has decelerated to long-term averages, as the overwhelming amount of new supply begins to take its toll.
Sacramento Sets the Standard
Although rents across the country have been decelerating in recent months, the California capital continues to outperform. While no longer in the double digits, its rent growth continues to lead major metros.
Tampa Stays Hot
The metro’s market is healthy, displaying solid fundamentals and producing strong growth. Robust investor interest and broad employment gains are driving demand across asset classes, with population growth leading to higher occupancy rates and rents.
Detroit: Far From Singing the Blues
Despite numerous headwinds, the city is gamely bouncing back, thanks to concerted efforts by public and private sources to bring commerce and households back to the area.
San Antonio Lures Investors
The city has a diversified economy and employment is growing in most industries. That has fueled demand for apartments, which is expected to remain high as the metro continues to add jobs and households at a rate above the national average, and as more residents move south to avoid the growing cost of housing in Austin.
Indianapolis: Full Speed Ahead
Demand for apartments continues to be strong, thanks to the locale’s relative affordability. The city’s high-quality education system and skilled workforce attract residents and employers, propelling economic growth.
Overbuilding in Richmond?
Following several years of strong supply, the area’s multifamily market is shifting down a gear. With almost 20,000 units in the pipeline, the metro is at risk of overbuilding.
LA: Affordable Housing Wanted
Rent growth in the city is continuing at a rate double the national average, largely due to solid gains in a few key employment sectors and renter interest pivoting toward the area’s suburbs.