Job Gains Increase in Top Markets
https://www.realpage.com/analytics/april-2024-metro-employment-update/
The top U.S. employment markets continued to pick up more jobs in April.
The top U.S. employment markets continued to pick up more jobs in April.
Austin has seen record apartment supply and demand recently, but occupancy and rents have taken a hit.
U.S. apartment investment dropped in early 2023. Though total real estate investment remains high, sales are now below pre-pandemic norms.
Based on key economic indicators, RealPage has slightly upgraded most major markets in the latest 2024 forecast.
The U.S. apartment market saw the return of demand in 1st quarter as supply volumes faded.
Apartment demand slowed recently, triggering rare 3rd quarter rent cuts.
Both permits and starts increased unexpectedly in June, but multifamily completions are still running far ahead of those measures.
Multifamily starts increased suddenly and sharply in July, while multifamily permitting declined.
Annualized multifamily completions totaled 740,000 units for the first time since April 1974.
Multifamily starts and permits have been slowing for almost two years, but single-family development also recently turned downward.