Chart Of The Week – January 22nd 2024
Chart of the Week – January 22nd 2024
A lot has been discussed about the supply wave currently hitting the multifamily sector. It is true that we are at a four-decade high in terms of new multifamily deliveries, however demand remains strong in several markets, especially in the sunbelt.
When looking at the markets where traffic has increased the most over the past year, smaller markets in the southwest and southeast dominate. Albuquerque, Salt Lake City and Colorado Springs are the top three markets for annual traffic growth. Wilimington, NC and Columbia, SC are not far behind.
As traffic grows other key fundamentals including rent and occupancy will also benefit. The supply wave is temporary, albeit severe, but the trend of elevated demand in the southeast and southwest appears to be deeply rooted and perpetual.
Insights from Radix: 2023 Multifamily Industry Review & 2024 Outlook
Radix’s “2023 Year in Review and 2024 Outlook” report provides a crucial analysis of last year’s multifamily industry trends, including the housing supply surge and its market impacts, as well as significant migration trends. Anticipating 2024’s market dynamics, this essential resource, available in an interactive format, is key for strategic planning in the multifamily sector.
Read the full report here for comprehensive insights and forecasts for the upcoming year.
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