Houston remains one of the fastest growing cities in the nation, as population and migration growth continue to expand the market. However, for several years, the Space City is and has been one of the most popular markets for new apartment development.
The June consumer price index showed weaker inflation than economists estimated, with prices rising 20 basis points month-over-month. On an annual basis the CPI increased 3.0%.
The first half of 2023 is behind us and before we shift our focus to the third and fourth quarters of this year, we look back on multifamily performance from January through June. We will discuss the key metrics tracked by Radix, with all data coming directly from our clients and their operating platforms. The data included in this report is as of the last week of June.
Orlando has recently been overshadowed by Tampa and Miami, as its southern and western neighbors dominated migration and property performance headlines throughout 2021 and 2022. Orlando performed well during that stretch, however its heavy reliance on tourism and hospitality has led to a more volatile period both from an employment perspective as well as a multifamily perspective.
At the halfway point of 2023 we have seen a meaningful bifurcation at the market level in multifamily performance. While national rent growth is slower than expected at the start of the year, there are certain markets experiencing strong rent growth. This week’s chart of the week focuses on the top markets for year-to-date net effective rent growth.