While many markets have struggled with new supply and softening multifamily fundamentals, Chicago has risen to the top of the national rankings for nearly all major multifamily metrics. According to Radix, net effective rent is up 5.7% year-over-year as of early June, making Chicago the fastest growing rent market in the nation by a significant margin.
The U.S. economy, specifically the employment market, remains stalwart as growth continued in May. Roughly 340,000 new jobs were added last month, giving many economists hope that we may avoid a recession this year.
Last week we demonstrated the negative impact of falling rates combined with softening occupancy as markets struggling with new supply pressure have seen revenue per available unit (RevPAU) fall significantly.
The Personal Consumption Expenditures Index (PCE) increased unexpectedly last month, which has given economists doubt that the Fed is finished with their current monetary tightening campaign.
Markets struggling with new supply issues are facing dual pressures from occupancy and net effective rent declines, resulting in significant performance issues. Many sunbelt markets in the southeast and southwest are grappling with rapidly declining revenue per available unit.
The apartment industry in our nation’s capital continues to grow and outperform many of its peer markets. According to Radix data, as of May 2023, all major operating fundamentals are outperforming the national average on an absolute basis as well as key week-over-week and year-over-year comparisons. While some Gateway markets, especially on the west coast, continue to struggle to regain
Denver, Colorado has been a consistent beneficiary of job growth and migration for more than a decade. New tech companies, a rapidly expanding aerospace industry, and coastal relocation have driven growth in the Mile High City. Yet over the past 5 years this growth has been overshadowed by faster growing
This will be an important week both from a data and commentary perspective as it relates to the Fed’s future decisions on monetary policy.
Two weeks ago, our chart of the week focused on domestic migration, and some of the strongest counties for in-migration were located in Texas, Florida and the Carolinas.
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