Atlanta’s apartment market is struggling as new supply weighs heavily on performance from the property level all the way to the market level. The local economy continues to flourish as job growth and population growth remain among the best in the country, however the onslaught of new apartment construction has outpaced demand.
While Seattle is not commonly referred to as a Gateway market, its fundamentals often follow many of the tech-heavy Gateway’s on the west coast and in the northeast. As the multifamily industry cools amid significant new supply pressure, Seattle is once again trending like its peers. Traffic, overall occupancy, and occupancy growth are tracking in line with Los Angeles and Boston, while significant rent declines are tracking with San Francisco.
Over the past three years, one of the steadiest and best performing markets nationwide has been San Diego. The Southern California metro did not experience as significant of a decline in housing demand and rents seen in Los Angeles and San Francisco in the early days of COVID-19, but the metro had a very strong recovery in 2021 and 2022.
Over the past three years, one of the steadiest and best performing markets nationwide has been San Diego. The Southern California metro did not experience as significant of a decline in housing demand and rents seen in Los Angeles and San Francisco in the early days of COVID-19, but the metro had a very strong recovery in 2021 and 2022.
Boston, like many of its northeastern peer markets, is known for its older apartment stock and higher percentage of single-family homes compared to secondary markets in the south and west. However, as the market is known for innovation, it’s apartment market has grown and evolved quickly over the past few real estate cycles.
As multifamily fundamentals have been deteriorating nationwide, performance in the second largest U.S. city has been mediocre in recent months. While many key operating metrics declined over the past 12 months, Los Angeles is holding its own and its’ declines are modest L.A. is not growing like its Gateway peer markets in the Northeast and Midwest, yet it’s also not declining like San Francisco.
Through many real estate cycles Las Vegas has stood out as a boom-and-bust market, riding some of the highest highs when the economy is favorable, but also retreating quickly when economic conditions deteriorate.
Houston remains one of the fastest growing cities in the nation, as population and migration growth continue to expand the market. However, for several years, the Space City is and has been one of the most popular markets for new apartment development.
The first half of 2023 is behind us and before we shift our focus to the third and fourth quarters of this year, we look back on multifamily performance from January through June. We will discuss the key metrics tracked by Radix, with all data coming directly from our clients and their operating platforms. The data included in this report is as of the last week of June.
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