RealPage Economy Express Episode 22
https://www.realpage.com/analytics/economy-express-episode-22/
In the latest episode of Economy Express, consumer confidence ticks down, but employment continues to show resilience.
In the latest episode of Economy Express, consumer confidence ticks down, but employment continues to show resilience.
Birmingham-Hoover, which has a population of over 1.1 million residents, received a record 1,510 new units in the year-ending 1st quarter.
As Texas development has boomed, a handful of submarkets now have twice as much apartment inventory as they did a decade ago.
Taking the top spot on our list of The Nation’s 10 Busiest Submarkets for Construction is Uptown/South End in the Charlotte metro. This submarket’s inventory growth rate since 2012 is 107.7%, 8.8 percentage points higher than the #2 submarket, Frisco/Prosper. Submarket inventory growth rate calculations include new apartment supply since 2012 plus units under construction read more
Apartment rent-to-income ratios declined in 2023 as incomes grew faster than rents.
RealPage is forecasting national effective asking rent growth of approximately 2.3% for 2025.
The Carolinas apartment markets are logging strong demand and at least some rent growth, despite being weighed down with heavy new supply volumes.
The U.S. apartment market absorbed nearly three times the volume of unit started in the past year.
The small Midwest market of Lawrence, KS claimed one of the top apartment occupancy rates in the nation as of March.
Rent-to-income ratios vary across Texas, but generally rank below the national norm of around 23%.