2nd Quarter Analysis from Top Multi-Family Executives
Last week, RealPage and the National Apartment Association released their second quarter Market Momentum report. The quarterly report, which you can download here, details the latest business plans, trends, and expectations within the multi-family housing industry. The results are based on surveys with multi-family executives, investors, and decision makers. According to NAA President and CEO Robert Pinegar, “Market Momentum provides our members with useful and timely data from their peers—not only what is currently happening in the marketplace, but expectations for the near-term”.
The report covers three key areas; investments, rent performance, and resident retention. Within each category the report ranks the top and bottom performers.
Property Manager Insider’s Rapid Analysis
And the winner is….Atlanta. Ranking in the top 5 in all three categories, Atlanta had the strongest showing on the report. Multi-Family executives plan to increase their investment in Atlanta and anticipate increased rent performance over the next 12 months. The market also ranked first for resident retention compared to one year ago. Other winners from the report? Washington DC, which ranked second in markets for increased investment and year over year resident retention.
And the loser is…. Houston. First place is not always an enviable position, and that is especially true for Houston. Already suffering from the largest rent cuts in the country, multi-family executives pegged Houston first in all three categories on the report. The market is seeing stagnant rent growth, poor retention rates, and investors are planning to trim near term investments.
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