Market Intel

The migration of thousands of apartment dwellers from New York, Los Angeles and other major cities to cheaper alternatives in the suburbs or lower-cost areas like Denver and Phoenix during the pandemic is spurring major multifamily developers and investors to follow the renters. Executives at some of the nation’s largest real estate investment trusts said this trend either catalyzed their intent to invest in, or bolstered their commitment to, one region in particular: the Sun

If 2020 was indeed the year of leaving the city for more space in the suburbs and exurbs, it shouldn’t be a surprise that single-family rent growth surged at the year. In December, US single-family rent growth increased 3.8% year-over-year. That was an improvement over the 1.4% reported in June and 2.9% in December 2019, according to the CoreLogic Single-Family Rent Index (SFRI).  Rent growth was most substantial in higher-priced rentals, defined as properties with

Boise leads the way for the nation’s top build-to-rent markets, new research from CrowdStreet reveals.  Investors are increasingly bullish on BTR communities, which are benefiting from a vast influx of tenants migrating away from pricey coastal and urban centers in favor of more affordable secondary markets. Millennials are key drivers of this trend, and they’re willing to move to the suburbs for a little more space. But unlike generations past, they’re also fans of amenities

The Phoenix residential real estate market is booming, recording the highest annual growth in both home values (17.1%) and typical rent (8.4%) among the nation’s largest metros, according to Zillow’s latest market report. Extreme demand driven by exceptionally low mortgage rates, demographic pressures and pandemic trends kept the housing market boiling as we moved into 2021, according to Zillow. Monthly appreciation of home values in January matched recent record highs, while annual growth is higher than any

Raleigh-Durham leads the way as the nation’s top market for multifamily acquisitions, according to a new report from CrowdStreet. There are, in fact, a number of smaller-sized cities that are ripe for apartment acquisitions, the report finds, as renters have moved en masse to these markets, abandoning pricey urban centers and coastal cities for the suburbs, the Sun Belt, and secondary gateway cities.  Like their larger counterparts, smaller cities’ multifamily fundamentals have remained relatively stable

Each year, accounting and consulting giant PwC teams with the Urban Land Institute to query hundreds of real estate specialists for their thoughts on the issues likely to drive the industry in the coming year. This year’s “Emerging Trends in Real Estate” survey shows some sharp shifts in views, perhaps no surprise following a year when a global pandemic upended property markets. In fact, industry players put epidemics far down the list of concerns at

Phoenix is among the top cities best poised for economic recovery in 2021, according to Milken Institute’s Best-Performing Cities report. Phoenix ranked seventh among large cities, up five places from its rank last year. Provo, Utah came in at No. 1 for large cities in the 2021 report, which ranks cities based on jobs, wages, growth in the technology sector, housing affordability and household internet access. “The region’s generally low cost of living has attracted

New research shows that Phoenix is the sixth hottest U.S. market for multifamily sales over the last decade. Over the past decade, the price-per-unit (PPU) for multifamily properties surged 156%, reaching nearly $160,000. This increase surpassed both median home sale prices and rental rates. The latest CommercialSearch study compared and ranked the most active U.S. metros in terms of multifamily sales since 2009. Here are some highlights: • Phoenix is the sixth hottest U.S. market for multifamily

As many companies transitioned to remote work, Phoenix has seen a significant in-migration from residents leaving overpriced metros in California, in search of more affordable alternatives. At the same time, local officials have worked to create a business-friendly environment that has attracted attention from big employers such as Google, Amazon and several life sciences companies. Phoenix’s multifamily market fared well under the effects of the pandemic and closed 2020 as the best-performing market in terms

Investors are following the recent renter migration patterns, with 75.8% of multifamily investment happening outside of major metros last year, according to new research from Newmark. This is the highest investment allocation outside of big cities on record. While the pandemic certainly encouraged renters to migrate to new markets, it wasn’t the impetus for the trend. According to Newmark, investment capital has slowly been increasing investment allocation to smaller markets. Over the last five years,