We are excited to share with you the Chart of the Week!
Last week we demonstrated the negative impact of falling rents combined with softening occupancy as markets struggling with new supply pressure have seen revenue per available unit (RevPAU) drop significantly. However, there are small pockets of outperformance despite the overall slowdown in the multifamily industry. This week we examine the top 10 submarkets for RevPAU growth year-to-date.
Three aspects of this chart stand out. First, none of the MSAs have multiple submarkets in the top 10, meaning that outsized growth is geographically diverse. Second, the Gateway markets are well represented, not only New York and Chicago, two markets that have performed well so far this year, but also San Francisco. Despite the overall rent declines in San Francisco, the suburban submarket of South San Mateo has performed well. Which leads to the final takeaway; all submarkets in the top 10 for year-to-date RevPAU growth are in suburbs or are outside the downtown areas. Three years after COVID began and pushed people away from the urban core, the suburban submarkets continue to outperform.
Research is a powerful solution for benchmarking and evaluating the performance of live properties and portfolios at submarket, market, and national levels. With access to a wide range of data analytics, Radix Research offers the most comprehensive, timely, and leading data, streamlining the research process for all stakeholders.
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