Investors might want to reconsider that new development in Houston after reading AppFolio and Axiometric's U.S. Apartment Forecast report. According to the trends report, some shining cities might be burning out by year's end. The latest report outlines markets where growth is significant enough to alter the business course for property managers. Looking at occupancy rates, employment, economic growth, and other data points, AppFolio, a cloud-based property management portal, and Axiometric, a research and data firm for real estate investors, believe the information can help property managers plan for the future. Overall outlook on the apartment industry is good by all accounts in the report. Job growth is getting stronger, and more millennials are waiting to purchase homes, putting a demand on existing and new apartments. There are over 347,000 new apartments planned nationwide for 2016, according to the report, while the unemployment rate has dropped to nearly 5 pe...
- The double-digit growth in San Francisco has steadily declined to 4 percent rent growth in the metro.
- Houston has over 27,000 new apartments coming in 2016, but may not have the job growth to accommodate new residents. Rent prices most likely to remain or even drop.
- Only 3,210 new apartments are expected in Baltimore in 2016.