Western and Florida Markets Are Growing the Fastest in 2015
Digested from Apartment Data Shows Fastest-Moving Markets
AxioMetrics (11/3/15) Sorter, Dave
National rent growth grew 4 basis points to 5.2 percent over the past three months ending in September, but some metro areas are seeing substantially more rapid growth than that.
San Diego and Orlando, Florida, both experienced basis point increases of more than 200 over that same period, with rent growth of 8.41 and 8.42 percent, respectively. Metro areas that experienced increased changes between 1 to 2 percent included San Francisco; Salt Lake City; Miami; West Palm Beach, Florida; and Boston.
Salt Lake City, Boston, San Francisco, San Diego and Orlando also saw 12-month rent growth increases of at least 294 basis points, compared with the national growth increase of 90 basis points. Portland, Oregon, saw the greatest 12-month change of 8.5 percent, while Long Island, New York., only experienced a change of 2.66 percent.
Many of these same cities also saw occupancy rates increase over the past three months, which helps explain the rise in rates. Salt Lake City, for example, experienced an increase of 85 basis points in occupancy rates to 96.25 percent, putting added pressure on market pricing. San Diego, Miami, Long Island and Orlando also saw increases of at least 35 basis points and currently boast occupancy rates of 95.98 percent or greater.