We know workforce housing - and market trends support our thesis. Great news for our second and fourth Clear Opportunities Fund I portfolio acquisitions in Syracuse, NY and Columbus, OH. Read on for more: Rents in Syracuse and Columbus saw some serious YoY growth. Syracuse enjoyed a staggering 28.6% increase in 1BR rents, driven by historical population growth. High homeownership rates in Syracuse have also intensified multifamily competition, boosting rents. Meanwhile, Columbus rents surged by 22.5% thanks to relative affordability and plenty of job opportunities. Both cities are likely to see continued rent hikes until new supply meets the rapidly growing demand. Notably, Columbus was one of the fastest-growing major U.S. metros in late 2023. #workforcehousing #columbusohio #syracuseny https://lnkd.in/gNb3U-Y8
Clear Investment Group’s Post
More Relevant Posts
-
Is the strongest apartment rent growth found in the cities with the worst bouts of oversupply? In terms of the rent growth winners after the last construction cycle, the answer appears to be a resounding “yes”. Metros in green had the highest inventory underway as a percentage of stock in the last cycle — 2015–2017. Almost all the “Hockey Stick” markets we track (broadly lying from Seattle, down through the Rockies, into Texas and over through the Carolinas) are in this high supply, high rent growth quadrant. Barriers to new supply don’t appear to grow rents — NY, San Francisco, and L.A. are all in the bottom left quadrant where the rent growth and supply are lowest. Sure, you might say high supply markets from the last cycle were bailed out by pandemic-induced migration. The flip side of that question may be — will there be enough demand growth in high barrier coastal markets to drive their rent growth in the future? More on all this coming in our next post.
-
-
📈🏠 Syracuse witnessed a staggering 28.6% increase in one-bedroom rents, while Columbus saw a notable climb of 22.5%. Interestingly, Syracuse also boasted the largest monthly growth rate nationwide, as highlighted by Zumper. 📊💼 Syracuse's historic population growth, anchored by a large national university and a predominantly homeowner landscape, has intensified demand and competition in the city. Meanwhile, Columbus, known for its rapid development and affordability, experienced the largest population growth among major US metropolitan areas at the end of 2023. 🌆📈 With demand soaring in both Syracuse and Columbus, rental rates are expected to continue their upward trajectory until new apartment supply catches up. 🚀🔑 #RentalHousing #RealEstateTrends #HousingMarket #RentPrices #MarketInsights
Apartment Rents Post National Monthly Growth of Over 1% in May
globest.com
-
Senior Advisor Specializing in Entertainment and Experiential Retail Commercial Real Estate
What's Happening with Multifamily Units in Tennessee, Especially Knoxville? At NAI Koella | RM Moore, we're keeping a close eye on the real estate market in Tennessee, especially when it comes to multifamily units in Knoxville. Here’s a quick update on what’s going on: 🏢 Supply Trends: More Developments: Knoxville is seeing a lot of new multifamily buildings. Investors are confident, and there’s a clear response to more people moving here. Urban Renewal: Tons of new projects are part of efforts to revamp old industrial areas, turning them into cool, vibrant residential spots. 📈 Demand Dynamics: Population Growth: More and more people are calling Knoxville home, from young professionals to retirees. This means higher demand for rental places. Economic Boost: With a strong local economy and job growth in various sectors, more folks are moving in, boosting housing demand. 🔍 Market Insights: Low Vacancy Rates: Even with new buildings popping up, vacancy rates are low, which means new units are getting filled quickly. Rising Rental Rates: With demand going up, so are rental prices, making it a good market for landlords and investors. 📊 Check Out This Data: Take a look at this chart showing the rise in new multifamily units in Tennessee from 2019 to 2023. Starting at 5,000 units in 2019, we’ve reached 9,000 units by 2023. This steady growth highlights the ongoing efforts to meet the increasing demand. 🌟 Key Takeaways: Knoxville’s multifamily market is full of opportunities and some challenges. Investors can look forward to strong returns, while renters will see a variety of new options, though at higher prices. Understanding the balance of supply and demand is crucial for making smart investment decisions. Stay tuned with NAI Koella Moore for more updates on Knoxville’s multifamily market and what it means for everyone involved! 📊🏠 #NAIKoellaMoore #RealEstate #Knoxville #MultifamilyUnits #SupplyAndDemand #Investing #UrbanDevelopment #MarketTrends City of Knoxville Urban Land Institute Knoxville Chamber (Knoxville, Tennessee) Tennessee Department of Economic and Community Development East Tennessee REALTORS®
-
-
Nationwide Self-Storage Investors & Third-Party Managers | RHWCapital.com | StoreHere.com | SiteHawkRMS.com
I've been saying for a few quarters that homeowners/ SFH transactions are one subcategory of movers (i.e. self-storage customers). Renters are 3x more likely to move. Well, Jay's recent posts have me feeling optimistic. Check out this HALF of the year has almost as many apartments delivered as the FULL years behind it. MF supply and slight reduction in apartment rental rates are great news for many operators in larger markets. Though, I still think most tertiary markets might be too inundated with self-storage supply to see this MF supply as a benefit within this cycle.
Rental Housing Economist (Apartments, SFR), Speaker and Author
We're only halfway through 2024, and yet we've built more apartments than we do in most FULL CALENDAR YEARS. Nearly 284k units completed in the first half of 2024-- more than any full year between 2001-2013, and more than the 217k average annual completion tally of the last two decades. And more is coming. By the end of 2024, calendar year completions are projected to top 600k for the first time since 1974. Contrary to the buzz, peak supply is NOT just a Sun Belt phenomenon. Of the nation's 50 largest metro areas, 36 are seeing multi-decade peaks in supply. That list includes not-the-usual-suspects: On the West Coast: Seattle, Sacramento, Oakland, San Diego, Portland and Los Angeles. East Coast: Philadelphia, Washington DC and Newark/Jersey City. Midwest: Indianapolis, Minneapolis, Columbus, Kansas City. This is a big reason why rent growth remains flat-ish or slightly negative in many of these markets today. While markets across the country are hitting new peaks in supply, it's true that a handful of Sun Belt and Mountain markets are not just hitting new peaks ... but rocketing wayyy past previous highs. Compared to 2000-2020 supply peaks: Up MORE THAN 3x: Phoenix Up NEARLY 3x: Austin Up MORE THAN 2x: Raleigh/Durham, Jacksonville, Charlotte Up NEARLY 2x: Tampa, Salt Lake City, Orlando, Denver, San Antonio So the magnitude of new supply certainly helps explain why most of these markets are cutting rents in 2024, despite very strong leasing demand. Renters are benefiting from increased supply-- more options, and that's forcing operators to compete on rents. The good news for investors (as I posted yesterday) is that apartment demand is remarkably strong ... still short of supply, but the gap is likely narrower than even the most optimistic forecasts. Lastly: We're approaching what will likely be a generational peak in supply. Completions will remain elevated through the first half of 2025, then are likely to plunge. That's becoming clear through plummeting numbers for permits and starts. So take it all in because there's a chance many of us never see numbers like this again in our lifetimes. #mulifamily #housing #apartments #construction
-
-
The first house I ever bought was in Cape Coral, FL. When I was researching homes there, I noticed that nearly every one was built in 2006. The run up in prices in '04-'06 caused a surge in demand, which caused a surge in new home builds in '06. Of course, then came '08, and demand plunged. As homeowners started to walk away from their negative equity, supply increased. New construction starts between 2008 & 2019 were less than half of the builds just in 2005-2007. And then came 2020! Demand surged again as people migrated to FL and worked from home. Developers noticed, and started to build. New construction that was started in 2021 came online in 2023, right as interest rates became elevated, pricing many out of the homebuyer market. Demand is down, supply is up. The cycle is starting over with less new construction starts, which will create short term oversupply, and long term undersupply. Jay Parsons' post highlights this on a national scale. To me, the takeaway is this: Expect short term rent growth to remain flat or negative as new supply is absorbed into the market. However, there will be long term undersupply if the demand for new apartments remains, as there won't be much new supply coming online after this wave. Sounds like an opportunity for the long-term investor!
Rental Housing Economist (Apartments, SFR), Speaker and Author
We're only halfway through 2024, and yet we've built more apartments than we do in most FULL CALENDAR YEARS. Nearly 284k units completed in the first half of 2024-- more than any full year between 2001-2013, and more than the 217k average annual completion tally of the last two decades. And more is coming. By the end of 2024, calendar year completions are projected to top 600k for the first time since 1974. Contrary to the buzz, peak supply is NOT just a Sun Belt phenomenon. Of the nation's 50 largest metro areas, 36 are seeing multi-decade peaks in supply. That list includes not-the-usual-suspects: On the West Coast: Seattle, Sacramento, Oakland, San Diego, Portland and Los Angeles. East Coast: Philadelphia, Washington DC and Newark/Jersey City. Midwest: Indianapolis, Minneapolis, Columbus, Kansas City. This is a big reason why rent growth remains flat-ish or slightly negative in many of these markets today. While markets across the country are hitting new peaks in supply, it's true that a handful of Sun Belt and Mountain markets are not just hitting new peaks ... but rocketing wayyy past previous highs. Compared to 2000-2020 supply peaks: Up MORE THAN 3x: Phoenix Up NEARLY 3x: Austin Up MORE THAN 2x: Raleigh/Durham, Jacksonville, Charlotte Up NEARLY 2x: Tampa, Salt Lake City, Orlando, Denver, San Antonio So the magnitude of new supply certainly helps explain why most of these markets are cutting rents in 2024, despite very strong leasing demand. Renters are benefiting from increased supply-- more options, and that's forcing operators to compete on rents. The good news for investors (as I posted yesterday) is that apartment demand is remarkably strong ... still short of supply, but the gap is likely narrower than even the most optimistic forecasts. Lastly: We're approaching what will likely be a generational peak in supply. Completions will remain elevated through the first half of 2025, then are likely to plunge. That's becoming clear through plummeting numbers for permits and starts. So take it all in because there's a chance many of us never see numbers like this again in our lifetimes. #mulifamily #housing #apartments #construction
-
-
Rental Housing Economist (Apartments, SFR), Speaker and Author
We're only halfway through 2024, and yet we've built more apartments than we do in most FULL CALENDAR YEARS. Nearly 284k units completed in the first half of 2024-- more than any full year between 2001-2013, and more than the 217k average annual completion tally of the last two decades. And more is coming. By the end of 2024, calendar year completions are projected to top 600k for the first time since 1974. Contrary to the buzz, peak supply is NOT just a Sun Belt phenomenon. Of the nation's 50 largest metro areas, 36 are seeing multi-decade peaks in supply. That list includes not-the-usual-suspects: On the West Coast: Seattle, Sacramento, Oakland, San Diego, Portland and Los Angeles. East Coast: Philadelphia, Washington DC and Newark/Jersey City. Midwest: Indianapolis, Minneapolis, Columbus, Kansas City. This is a big reason why rent growth remains flat-ish or slightly negative in many of these markets today. While markets across the country are hitting new peaks in supply, it's true that a handful of Sun Belt and Mountain markets are not just hitting new peaks ... but rocketing wayyy past previous highs. Compared to 2000-2020 supply peaks: Up MORE THAN 3x: Phoenix Up NEARLY 3x: Austin Up MORE THAN 2x: Raleigh/Durham, Jacksonville, Charlotte Up NEARLY 2x: Tampa, Salt Lake City, Orlando, Denver, San Antonio So the magnitude of new supply certainly helps explain why most of these markets are cutting rents in 2024, despite very strong leasing demand. Renters are benefiting from increased supply-- more options, and that's forcing operators to compete on rents. The good news for investors (as I posted yesterday) is that apartment demand is remarkably strong ... still short of supply, but the gap is likely narrower than even the most optimistic forecasts. Lastly: We're approaching what will likely be a generational peak in supply. Completions will remain elevated through the first half of 2025, then are likely to plunge. That's becoming clear through plummeting numbers for permits and starts. So take it all in because there's a chance many of us never see numbers like this again in our lifetimes. #mulifamily #housing #apartments #construction
-
-
Capital Raiser| Operator| Hotel convertor | Multi-sector commercial experience | annual $ billion in sales | Tech/Biotech/RE | Ex JNJ | defensive value add investment strategy
The good news for investors: apartment demand is remarkably strong ... still short of supply, but the gap is likely narrower than even the most optimistic forecasts. We're approaching what will likely be a generational peak in supply. Completions will remain elevated through the first half of 2025, then are likely to plunge. That's becoming clear through plummeting numbers for permits and starts. And likely this interest environment has a lot to do with this fluctuation. What is in store next?!
Rental Housing Economist (Apartments, SFR), Speaker and Author
We're only halfway through 2024, and yet we've built more apartments than we do in most FULL CALENDAR YEARS. Nearly 284k units completed in the first half of 2024-- more than any full year between 2001-2013, and more than the 217k average annual completion tally of the last two decades. And more is coming. By the end of 2024, calendar year completions are projected to top 600k for the first time since 1974. Contrary to the buzz, peak supply is NOT just a Sun Belt phenomenon. Of the nation's 50 largest metro areas, 36 are seeing multi-decade peaks in supply. That list includes not-the-usual-suspects: On the West Coast: Seattle, Sacramento, Oakland, San Diego, Portland and Los Angeles. East Coast: Philadelphia, Washington DC and Newark/Jersey City. Midwest: Indianapolis, Minneapolis, Columbus, Kansas City. This is a big reason why rent growth remains flat-ish or slightly negative in many of these markets today. While markets across the country are hitting new peaks in supply, it's true that a handful of Sun Belt and Mountain markets are not just hitting new peaks ... but rocketing wayyy past previous highs. Compared to 2000-2020 supply peaks: Up MORE THAN 3x: Phoenix Up NEARLY 3x: Austin Up MORE THAN 2x: Raleigh/Durham, Jacksonville, Charlotte Up NEARLY 2x: Tampa, Salt Lake City, Orlando, Denver, San Antonio So the magnitude of new supply certainly helps explain why most of these markets are cutting rents in 2024, despite very strong leasing demand. Renters are benefiting from increased supply-- more options, and that's forcing operators to compete on rents. The good news for investors (as I posted yesterday) is that apartment demand is remarkably strong ... still short of supply, but the gap is likely narrower than even the most optimistic forecasts. Lastly: We're approaching what will likely be a generational peak in supply. Completions will remain elevated through the first half of 2025, then are likely to plunge. That's becoming clear through plummeting numbers for permits and starts. So take it all in because there's a chance many of us never see numbers like this again in our lifetimes. #mulifamily #housing #apartments #construction
-
-
Understanding the dynamics of the multifamily market is crucial for strategic decision-making. By staying informed and adaptable, you can better navigate the multifamily market and optimize your business strategies for sustained success. Being prepared to pivot strategies based on market conditions is essential. How does this information affect you and your team? How can you be proactive to add value to your residents experience?💚 Valet Living provides doorstep trash collection services and a comprehensive app that adds immense value to the resident experience. Our app offers fitness classes, DIY workshops, and engaging children's events during summer and school breaks, creating a vibrant and supportive community for your residents. By leveraging these amenities, you can differentiate your properties, enhance resident satisfaction, and improve retention rates. Our services not only enhance the living experience but also present cost-saving opportunities for residents, making your properties more attractive. This added value can help you maintain competitive rent prices while keeping occupancy rates high. #valetliving
Rental Housing Economist (Apartments, SFR), Speaker and Author
We're only halfway through 2024, and yet we've built more apartments than we do in most FULL CALENDAR YEARS. Nearly 284k units completed in the first half of 2024-- more than any full year between 2001-2013, and more than the 217k average annual completion tally of the last two decades. And more is coming. By the end of 2024, calendar year completions are projected to top 600k for the first time since 1974. Contrary to the buzz, peak supply is NOT just a Sun Belt phenomenon. Of the nation's 50 largest metro areas, 36 are seeing multi-decade peaks in supply. That list includes not-the-usual-suspects: On the West Coast: Seattle, Sacramento, Oakland, San Diego, Portland and Los Angeles. East Coast: Philadelphia, Washington DC and Newark/Jersey City. Midwest: Indianapolis, Minneapolis, Columbus, Kansas City. This is a big reason why rent growth remains flat-ish or slightly negative in many of these markets today. While markets across the country are hitting new peaks in supply, it's true that a handful of Sun Belt and Mountain markets are not just hitting new peaks ... but rocketing wayyy past previous highs. Compared to 2000-2020 supply peaks: Up MORE THAN 3x: Phoenix Up NEARLY 3x: Austin Up MORE THAN 2x: Raleigh/Durham, Jacksonville, Charlotte Up NEARLY 2x: Tampa, Salt Lake City, Orlando, Denver, San Antonio So the magnitude of new supply certainly helps explain why most of these markets are cutting rents in 2024, despite very strong leasing demand. Renters are benefiting from increased supply-- more options, and that's forcing operators to compete on rents. The good news for investors (as I posted yesterday) is that apartment demand is remarkably strong ... still short of supply, but the gap is likely narrower than even the most optimistic forecasts. Lastly: We're approaching what will likely be a generational peak in supply. Completions will remain elevated through the first half of 2025, then are likely to plunge. That's becoming clear through plummeting numbers for permits and starts. So take it all in because there's a chance many of us never see numbers like this again in our lifetimes. #mulifamily #housing #apartments #construction
-
-
Thanks to Jay Parsons for sharing the post below. The substantial growth in multifamily development in 2024 is incredible, with nearly 284k units completed in just the year's first half. This figure surpasses the annual averages from 2001-2013. It highlights the peak supply in the Sun Belt and across 36 of the nation's largest metro areas, including unexpected markets like Seattle, Philadelphia, and Indianapolis. As someone based in Atlanta, I find it particularly encouraging to see rents stabilizing here. The surge in supply across diverse regions and the anticipated 600k unit completions by year-end testify to the race to develop more multifamily units. Let's hope the demand keeps up with the supply. The increase in supply offers renters more options and competitive rents, while investors can find opportunities in a market where demand remains strong despite the surge in completions. It's a pivotal moment for the industry, and discussions on sustaining this balance are crucial as we move forward. #CommercialRealEstate #Multifamily #Investment #HousingMarket #RealEstateTrends
Rental Housing Economist (Apartments, SFR), Speaker and Author
We're only halfway through 2024, and yet we've built more apartments than we do in most FULL CALENDAR YEARS. Nearly 284k units completed in the first half of 2024-- more than any full year between 2001-2013, and more than the 217k average annual completion tally of the last two decades. And more is coming. By the end of 2024, calendar year completions are projected to top 600k for the first time since 1974. Contrary to the buzz, peak supply is NOT just a Sun Belt phenomenon. Of the nation's 50 largest metro areas, 36 are seeing multi-decade peaks in supply. That list includes not-the-usual-suspects: On the West Coast: Seattle, Sacramento, Oakland, San Diego, Portland and Los Angeles. East Coast: Philadelphia, Washington DC and Newark/Jersey City. Midwest: Indianapolis, Minneapolis, Columbus, Kansas City. This is a big reason why rent growth remains flat-ish or slightly negative in many of these markets today. While markets across the country are hitting new peaks in supply, it's true that a handful of Sun Belt and Mountain markets are not just hitting new peaks ... but rocketing wayyy past previous highs. Compared to 2000-2020 supply peaks: Up MORE THAN 3x: Phoenix Up NEARLY 3x: Austin Up MORE THAN 2x: Raleigh/Durham, Jacksonville, Charlotte Up NEARLY 2x: Tampa, Salt Lake City, Orlando, Denver, San Antonio So the magnitude of new supply certainly helps explain why most of these markets are cutting rents in 2024, despite very strong leasing demand. Renters are benefiting from increased supply-- more options, and that's forcing operators to compete on rents. The good news for investors (as I posted yesterday) is that apartment demand is remarkably strong ... still short of supply, but the gap is likely narrower than even the most optimistic forecasts. Lastly: We're approaching what will likely be a generational peak in supply. Completions will remain elevated through the first half of 2025, then are likely to plunge. That's becoming clear through plummeting numbers for permits and starts. So take it all in because there's a chance many of us never see numbers like this again in our lifetimes. #mulifamily #housing #apartments #construction
-
