From Costar, "Home prices have increased 106% since 2014 far outpacing the 33% increase in average asking rents, helping to sustain the renter pool." Austin's rental market is currently getting walloped with new supply, but that's not likely to last.
Cooper Street Capital’s Post
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Apartment Rent Growth Ticks Up Slightly in July as US Multifamily Demand Stayed Strong In July, national apartment rents grew slightly by 0.1% (10 basis points), reaching an annual growth rate of 1.2%, as rental demand stayed strong. Over 60,000 units were absorbed in July, suggesting that the third quarter could surpass the second quarter’s absorption of 166,000 units. This demand kept the national vacancy rate stable at 7.8%, despite 5,000 more units being absorbed than delivered. Louisville, Kentucky, led rent growth among the top 50 U.S. markets, with a 4.3% increase year-over-year, driven by balanced supply and demand, especially in Midwest and Northeast regions. Notably, San Jose, California, saw a significant rent growth spike from 2.8% to 3.4% in July, rebounding from a decline a year earlier. San Francisco also experienced a notable rent increase from 1% in June to 2% in July, reversing a trend of falling rents earlier in 2023. Conversely, Austin, Texas, saw a 5.1% rent decline over the past year, with other Sun Belt markets like Raleigh, Jacksonville, Phoenix, and Atlanta also experiencing rent decreases, indicating ongoing supply-demand challenges in these regions.
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Great chart showing the logic of starting rental construction today to be ready in the coming years.
This chart from RealPage, Inc. shows the apartment market really, really well. Record levels of demand exceeded supply in 2021 and 2022, and rents surged. Now, record levels of supply exceed record levels of demand, so rents have flattened nationally and vary dramatically by market based on where the supply is located. The silver lining here is that we currently have record levels of apartment demand, fueled by record immigration and severe home buying affordability problems. This has led to much more optimism that the apartment market will be strong again soon. Jay Parsons
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Record levels of US apartment supply are now exceeding record levels of demand, so rents have flattened nationally and vary dramatically by market based on where the supply is located. The silver lining here is that we currently have record levels of apartment demand, fueled by record immigration and severe home buying affordability problems.
This chart from RealPage, Inc. shows the apartment market really, really well. Record levels of demand exceeded supply in 2021 and 2022, and rents surged. Now, record levels of supply exceed record levels of demand, so rents have flattened nationally and vary dramatically by market based on where the supply is located. The silver lining here is that we currently have record levels of apartment demand, fueled by record immigration and severe home buying affordability problems. This has led to much more optimism that the apartment market will be strong again soon. Jay Parsons
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SVP Chief Revenue Officer | National Title Agency Solutions| National Origination | Servicing & Default | Home Equity | National Closings | e-Mortgage | Digital
The U.S. multifamily market sees moderate gains in rent prices for the fourth straight month! Check out the latest insights on rental trends and occupancy rates.
National Multifamily Report
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The rental market has entered its busiest time of the year, and rents are starting to tick up month-to-month. 📈 In March, they increased 0.6% nationwide and should continue to do so for the coming season. Yet, rent prices in many metros remain lower than a year ago, as annual rent growth remains in negative territory following a slow winter. It will likely take another month or two before 2024 establishes itself as a “hot” or “cool” year for rentals. While prices trend upward, a rising multifamily vacancy rate will keep runaway rent growth in check. The national rate hit 6.7% in March and has steadily risen for more than two years as new apartments flood the market. 🏡 Nationwide, the latest estimated median rent is $1,220 for a one-bedroom apartment and $1,374 for a two-bedroom unit. In total, rents remain down 3.6% from their all-time peak in August 2022.
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Air Force Veteran | Impact Investor | Driving Positive Community Change Through Strategic Real Estate Investments
𝐔.𝐒. 𝐀𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐇𝐨𝐥𝐝𝐬 𝐒𝐭𝐞𝐚𝐝𝐲 The U.S. apartment market remained stable in August, with an occupancy rate of 94.1% for the 10th consecutive month. Rent growth has been modest at just 0.4% year-over-year, with the Midwest and Northeast regions experiencing higher rent increases. However, markets like Austin are seeing significant drops, with rents down 8%. Single-family rentals are also experiencing slower growth and slight rent declines. Overall, the market appears to be ready for future growth as supply pressures ease. 💬 𝐇𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐬𝐞𝐞 𝐭𝐡𝐞 𝐫𝐞𝐧𝐭𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐞𝐯𝐨𝐥𝐯𝐢𝐧𝐠 𝐚𝐬 𝐰𝐞 𝐦𝐨𝐯𝐞 𝐟𝐨𝐫𝐰𝐚𝐫𝐝? 𝐑𝐞𝐚𝐝 𝐦𝐨𝐫𝐞: 𝐡𝐭𝐭𝐩𝐬://𝐛𝐢𝐭.𝐥𝐲/𝟑𝐓𝐧𝟎𝐡𝟏𝐈 #cre #commercialrealestate #multifamily #apartments #renting #rentgrowth #realestate
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The rental market in the United States is experiencing a dynamic shift, with notable variations between multifamily and single-family rental trends. According to recent data, multifamily rents have decreased slightly while single-family rents continue to rise, albeit at a slower pace. This article explores the factors influencing these changes, the impact of new construction, and the regional variations in rental price movements. https://lnkd.in/gx7J_Wgs
Here's where rents are rising — and where they're falling
cnbc.com
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🏢📈 Rents bounced back with a 0.6% increase in March, signaling a return to normalcy after six months of declines nationally, per ApartmentList. The national median rent now stands at $1,388. I know this article doesn't go into Kansas City specifically, but for those tracking the local market YoY effective rent growth for Q1 was 2.5%! Kansas City continues to be a stable market despite volatile fundamentals in many other multifamily markets. #Multifamily #RealEstate #RentalMarket #MarketTrends
Apartment Rents Move Up in Seasonal Pattern
globest.com
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This chart from RealPage, Inc. shows the apartment market really, really well. Record levels of demand exceeded supply in 2021 and 2022, and rents surged. Now, record levels of supply exceed record levels of demand, so rents have flattened nationally and vary dramatically by market based on where the supply is located. The silver lining here is that we currently have record levels of apartment demand, fueled by record immigration and severe home buying affordability problems. This has led to much more optimism that the apartment market will be strong again soon. Jay Parsons
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📊 Dive into the latest rent growth trends in the multifamily industry with insights from RealPage. Stay informed on the factors shaping the market's momentum. #multifamily
RealPage: Rent Growth ‘Momentum Remains Aloof’
multifamilyexecutive.com
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