We are excited to share with you the Chart of the Week!
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. Chicago has been the strongest market, not only in NER growth but in many of the leading indicators, such as traffic and leasing. Chicago leads the way, as several of the Gateway markets have performed well this year. San Diego and Denver have also experienced outsized NER growth, as the western secondary markets continue to benefit from in-migration and relative affordability compared to their closest Gateway markets.
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