Economy Watch: Cost of Rent a Challenge Across Generations
Of the Millennials and Baby Boomers who rent, 46.5 percent and 49 percent, respectively, spend more than 30 percent of their income on housing costs, according to a new report by ABODO.
Economy Watch: Multifamily Starts Dip in July
New projects got underway at an annualized rate of 287,000 units, only the second time in the past 12 months that the pace has fallen below 300,000 units.
Economy Watch: The Least Expensive Apartment Markets
When comparing rent to income, the Southeast and Southwest regions of the U.S. tend to house the most affordable U.S. apartment markets, according to a new CBRE Research report.
Supply Influx Moderates Austin Gains
The Texas capital’s economy is strong and its population is booming, but a high volume of new supply is keeping the lid on rent growth. As of May, rents in the metro were flat compared to a 1.5 percent year-over-year national uptick.
Market Remains Healthy Despite Slight Dip in Rents
July posted a 2.6 percent year-over-year increase, even after a slight decline from June, according to Yardi Matrix. So far this year, rents are up 2.7 percent compared to 2016.
Rents Moderate in the San Francisco Bay
Rates have reached a point where even highly paid workers can’t afford the premium prices, despite the metro’s consistent job expansion, robust resident demand and high home prices.
Demand Outpaces Supply in Salt Lake City
Driven by robust population growth and low unemployment, Utah’s largest city is rapidly expanding, generating healthy housing demand. It continues to appeal to major employers, such as Amazon, UPS and big-brand companies based along the Wasatch Front.
Economy Watch: Apartment Supply Not Keeping Up with Demand in Most Markets
Out of the nation’s 50 largest metros, only 10 have enough new housing supply to keep pace with job growth, according to a new report from Apartment List, indicating that a lack of new construction is contributing to the affordability crisis in many parts of the country.
Steady Growth Cultivates Building Boom in Columbus
The multifamily market is expanding in the area, which has been an economic standout in Ohio and the Midwest. The metro’s tight labor market is lifting average wages, attracting more residents and bolstering demand for apartments.
Development Boom Tempers Rent Growth in Chicago
The city has seen costs moderate, in keeping with the nation as a whole, and features a bifurcation between luxury and working-class units.