We are excited to share with you the Chart of the Week! Through our real-time data, we are building a series of visuals, charts, and graphs depicting the most important trends in the multifamily industry. This week we are analyzing who is leading the nation in traffic.
Gateway Cities Performing Well in 2023
Going back as far as 2015-2016, coastal Gateway markets have underperformed their smaller peer markets in the sunbelt region. Metros including New York, San Francisco and Los Angeles have long been the most expensive and densely populated rental markets in the nation. As a result, migration flows and annual property performance has been stronger in places including Florida, Texas and the Southwest. The COVID-19 pandemic only exacerbated the relative outperformance in the sunbelt. However, through the first quarter of 2023, Gateway market rent growth is well above the national average. Washington D.C., Chicago, New York and San Francisco net effective rents have all risen at least 1% over the past 3 months, compared to the national average growth rate of just 0.1%. Boston is the notable outlier as rents have fallen 0.8% year-to-date. While major fundamental challenges persist in many Gateway markets including rent control, regulatory restrictions and cost of new development, the early outperformance is a good indication of continued demand in some of the nation’s oldest and largest markets.
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