By the end of 2nd quarter we will have expanded our rental coverage to every major metropolitan area and almost every minor metropolitan area. This month we will look at the northern Midwest states of Michigan, Wisconsin and Minnesota. MICHIGAN We are currently tracking 2800 properties in Michigan with almost 400,000 units. That ranks Michigan…
As we continue our expanded coverage of rents and amenities in 2017 we next look at Ohio. Before we go into each market within the state, here are a few quick details to point out. In terms of properties and units, Ohio ranks fifth in the number of properties and ninth in the number of…
Last year I wrote that 2015 will be remembered as one of the best performing annual periods in the Dallas-Ft. Worth market is recent memory. Based on preliminary numbers, 2016, in contrast, will go down as a turning point. For the first time in a long time we are seeing some submarkets struggle not just for…
Two common themes are emerging from the multifamily narrative of 2016. Firstly, many markets are still having sound absorption numbers, yet rapid new construction is outpacing supply and average occupancies are dropping at the fastest pace since the great recession. Secondly, as a result of the new supply, competition is heating up and we are…
It’s been the Year of the Crane in 2016 with almost 500,000 multifamily units added throughout the country and 2017 is looking to match those numbers, though construction starts will be easing to a certain degree. The New York City area led the way with almost 40,000 units opening their doors in 2016. Furthermore, more…
If Stranger Things has made you nostalgic for the 80’s there’s another feature of the 80’s that’s making a comeback: rent concessions. In the 100 markets that we are tracking effective rents, at least half of them have more properties offering concessions this year than at this time last year. Tucson leads the pack with…
The third quarter of 2016 has come and gone, and while some markets continue the torrid pace of rent and occupancy growth of the last few years, some markets are starting to feel the age of this recovery and experiencing diminishing returns. Here’s a look at the 24 states that we cover for the 3rd…
The Pennsylvania markets are among the newer additions to our expanded coverage in 2016. Dominated by the Philadelphia and Pittsburgh markets, we are tracking almost 500,000 units in about 4000 properties. Straddling the mid-west and eastern seaboard, like other markets in those regions, Pennsylvania multifamily was dominated by smaller ‘walk-up’ type apartment buildings. Recently though,…
As we continue our expanded coverage of multifamily markets in 2016, we have vastly expanded the number of properties we survey by incorporating the California properties. California has by far the most multifamily properties of any state, though with a preponderance of smaller unit properties it does not have the most multifamily units. We are…
