Submarket Growth Supports National Metro Trends
Digested from "Submarket Strength"
AxioMetrics (4/22/15) Fitzpatrick, Nick
Improvement in the national apartment market has been noted of late through the strengthening numbers of major metro areas. And numbers for the suburbs in many of these markets are trending upward, too.
Improving economic conditions in locations such as Denver, Atlanta and even Las Vegas are driving more jobs and, therefore, more residents to these areas. Rent growth in these metro areas has increased more than 4 percent year over year for the first quarter, not only in core urban areas but in outliers as well.
Other areas still struggling with recovery include Boston and Washington, D.C. Both have urban cores that experienced minimal rent growth of less than 2 percent year over year, but the picture is improving for certain suburbs. Richmond, Virginiaa smaller metrohas experienced more widespread stagnation, with more areas reporting growth of less than 2 percent year over year.
But the majority of data supports the overall trend that the apartment market continues to improve.