Southeast Steady Performers

t was already a fairly conservative construction pace.Farther south and west, Memphis employers are forecast to add 11,000 positions by year’s end, a 1.6 percent increase, according to a third-quarter Apartment Research Report from Marcus & Millichap. Builders will deliver approximately 200 new apartments to the Memphis area by year’s end, reports Marcus & Millichap. […]

t was already a fairly conservative construction pace.Farther south and west, Memphis employers are forecast to add 11,000 positions by year’s end, a 1.6 percent increase, according to a third-quarter Apartment Research Report from Marcus & Millichap. Builders will deliver approximately 200 new apartments to the Memphis area by year’s end, reports Marcus & Millichap. Metrowide vacancy should decline 20 basis points to 10.5 percent by year’s end, as modest additions to supply will be met by increased demand related to the metro’s employment growth. Asking rents are forecast to increase 1.9 percent to $650 per month, according to the firm, while effective rents will gain 2.4 percent to $608 per month. Sales velocity has increased approximately 23 percent over the past 12 months, as out-of-state investors have dominated the market, comprising 31 percent of the investor profile.All in all, the Southeast continues to post solid multifamily results. To comment on this article, contact Teresa O’Dea Hein at [email protected]

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