Terebinth Capital’s Post

Multifamily Vacancies Stabilize After Two Quarterly Increases The U.S. multifamily market is stabilizing after two years of rising vacancy rates, with expectations for declining vacancies in the coming months. Average monthly rents in Q2 2024 increased slightly by 0.3% year-over-year, reaching $2,186. Rent growth is expected to accelerate due to fewer new units coming to market and continued positive net absorption. Multifamily investment volume surged by 82% from the previous quarter to $38.3 billion, making up 43% of commercial real estate investment. Market sentiment has improved, with investors believing that values have bottomed, leading to strong investor confidence and expected sustained transaction volume. https://lnkd.in/dVVg-HkV

RealPage Market Analytics reports significant decreases in Q2 scheduled new deliveries across major U.S. cities, including a -9.5% drop in Columbus! This is good news for multifamily operators after the historically high increases in apartment unit inventory levels during 2023 and 2024. This means demand start to catch-up soon and ease pressure on the creeping vacancies. #RealEstate #Columbus #Multifamily #MarketTrends #RealistCapital

The Puget Sound multifamily market experienced a robust first quarter in 2024, with demand hitting its peak since Q3 2021. Despite a slowdown in job growth, Seattle's wage growth surpassed rent growth in the past year, prompting renters to secure new leases. During this period, renter households in Seattle absorbed approximately 2,800 units, aligning closely with the units added to the inventory by developers. Consequently, the overall vacancy rate held steady, closing the quarter at 7% for market-rate apartments. This figure mirrors the vacancy rate from the previous quarter and stands 50 basis points higher than the same period last year. #SeattleRealEstate #MultifamilyMarket #RealEstateTrends

News from Portland’s Multifamily Market! 🚀 • The greater Portland multifamily market is on the rise, with renters absorbing more than 1,300 units in Q1 2024, the highest Q1 absorption figure since 2021. • Despite new supply slightly outpacing demand, the market is expected to re-absorb the existing vacancies and new supply, leading to a return of rent growth and occupancy rates near the 95% benchmark. • Multifamily investment activity experienced a bump in Q1 2024. Sales volume recorded by quarter end surpassed the $250 million mark, a 51% year-on-year increase. The average price per unit jumped 15% when compared to the same period a year prior to $270,560. • The development pipeline continues to trend downward with 8,250 units under construction, representing just 3.5% of the existing inventory. This could protect the market from supply-side shocks. And let’s not forget about the newly redone airport, which is sure to attract even more residents and investors to our vibrant city!

Which of the top 50 apartment markets will lead in employment this year? According to RealPage Market Analytics, over half of the country's 50 largest apartment markets are expected to see job growth this year, and the Sun Belt dominates the list. Austin leads the pack with an expected employment growth rate of +1.8% for the year. According to the Wall Street Journal (via GlobeSt.com), home prices and apartment rents in Austin have dropped “more than anywhere else in the country.” Las Vegas follows with an expected employment growth rate of +1.7%, while Houston takes the number three spot with a growth rate of +1.6%. The U.S. average will hover at around +1% for the year. Read more here: https://bit.ly/43vA1Ws #Capstone #LandSales #CRE #Multifamily

Do you believe these vacancy trends will lead to more strategic and balanced multifamily developments in the future?#RealEstate #MultifamilyHousing #OccupancyRates #Southeast #GulfCoast #HousingMarket #CRE #InvestmentStrategies

Last week, we explored some interesting shifts in the DFW multifamily market, including dipping rents and rising vacancies. But what's behind these trends? The Dallas-Fort Worth multifamily market is seeing a boom in new construction, with a wave of new apartments hitting the market in 2024. This surge in supply is causing some shifts. Analysts are cautiously optimistic that the strong job market will eventually absorb the influx of new units. Learn more here: https://lnkd.in/gjNDEfvY #ClassAManagement #DFW #realestate #multifamily #markettrends

What are your thoughts on the Raleigh multifamily market? Let us know in the comments, and count on us to keep you informed. Read the full report here: https://ow.ly/I30750QOMoU #marcusmillichap #cre #commercialrealestate

🌴 Miami Multifamily Job Market Report! 🌴 Miami's Multifamily Report for February 2024 is in, and it's not just about apartments—it's about jobs too! Despite some bumps, Miami's multifamily job scene is buzzing with opportunities. The report shows that while Miami faced challenges, there are still plenty of jobs available in the multifamily industry. Whether it's property management, leasing, maintenance, or construction, there's a diverse range of roles waiting to be filled. As someone passionate about connecting talent with opportunities, I'm excited to help you navigate the multifamily job market in Miami. Let's work together to find the perfect fit for your skills and career goals! Check out the full report for more insights into Miami's multifamily job opportunities! #MiamiMultifamilyJobs #JobOpportunities #Multifamily

📊 Los Angeles Multifamily Market Q3 2024: What It Means for Buyers The latest data shows some intriguing shifts in the LA multifamily market: 🔻 Median Price Per Sq Ft is down 11% 🔻 Median Price Per Unit fell by 6% 📈 Cap Rate jumped 51 bps to 5.23%, signaling higher potential returns for investors 📈 Effective Rents are up 1%, indicating steady demand 📊 Transactions surged by 21%, showing increased investor interest What does this mean for buyers? Lower prices and rising cap rates make it an ideal time for investors to explore opportunities. A higher cap rate means a better return on investment (ROI), offering increased cash flow potential for multifamily properties. With rents holding firm and demand steady, buyers can capitalize on these dynamics, particularly as market values adjust. 🔑 Key Takeaway: Lower purchase prices and better returns make this an attractive moment for savvy investors. Whether expanding your portfolio or entering the market, the current conditions in Los Angeles create an opportunity for long-term gains. 💡 Tip: Monitor cap rates closely and align your investment strategy to exploit current trends. hashtag#RealEstateInvesting hashtag#MultifamilyInvesting hashtag#LosAngelesRealEstate hashtag#CapRate hashtag#InvestmentOpportunities hashtag#CRE hashtag#RealEstateTips hashtag#InvestorMindset hashtag#PropertyInvestment