Investors: Miami Market Heats Up This Summer
ARLINGTON, VA – It’s official: Investors say Miami/South Florida is the hottest market, according to the latest edition of the National Apartment Association’s Market Momentum report. The report, produced in partnership with RealPage, reveals the most desirable markets for investment, rent performance and resident retention.
Joining Miami on the list of the hottest investment markets are Washington, D.C., and Dallas. Atlanta and Seattle round out the top five. “Investors are betting these fast-growing economies will generate demand that keeps pace with aggressive construction volumes,” said RealPage Chief Economist Greg Willett.
“Market Momentum provides our members useful and timely data from their peers on not only what is happening in the marketplace currently, but expectations for the near-term,” said NAA President & CEO Robert Pinnegar, CAE. “Our members can use this information as they develop their investment strategies.”
In addition to being a premier investment market, Seattle is the top market for rent growth, although Willett says it will be tough to sustain the current 8 percent annual growth rate. Other top rent performers include Dallas, Central Florida, Atlanta and Boston. Respondents anticipate flat or negative growth during the next six to 12 months in Houston, Washington, D.C., New York, Nashville and Austin.
Atlanta remains strong in resident retention compared to last year’s levels. Other spots scoring well are Washington, D.C., Charlotte, Raleigh and Seattle. Dallas, which was the top market for retention last quarter, has fallen off the list.
In this edition of Market Momentum, Houston receives the worst rating for resident retention, which corresponds to its weak showing for rent growth. Surprisingly, Atlanta, Washington, D.C. and Charlotte also appear on this list, which provides a striking example of how experiences vary from one owner or operator to another—or even between different neighborhoods—in any given metro.
National Apartment Association (NAA), America’s leading voice for the apartment housing industry, provides its members with the best range of strategic, educational, operational, networking and advocacy resources they need to learn, to lead and to succeed. As a federation of more than 160 state and local affiliates, NAA encompasses over 73,000 members representing nearly 9 million apartment homes globally. NAA’s purpose is to enable every single one of its members to fulfill his or her professional goals with great competence, speed and the highest standards of ethics. NAA thanks its strategic partners The Home Depot, RealPage Inc., and Yardi. To learn more, visit www.naahq.org.
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 11,200 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.