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Chart Of The Week – January 22nd 2024

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Chart Of The Week – January 22nd 2024

Picture of Chris Nebenzahl

Chris Nebenzahl

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.

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Picture of Chris Nebenzahl
Chris Nebenzahl
Chris Nebenzahl is the Director of Economic Research at Radix, where he oversees all macroeconomic and multifamily market analysis. Chris has 15 years of multifamily experience in data analytics, research, asset management and acquisitions. Prior to his time in the multifamily industry Chris was a portfolio manager at Bank of New York, focusing in the government and commercial fixed income sectors.
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