Fourth-quarter Occupancy Rate Reaches 95% for First Time Since 2000; Portland Posts Strongest Rent-Growth Rate Among Top 50 Metros at 12.0%
DALLAS, TX--(Marketwired - January 04, 2016) - An exceptional first three quarters of 2015 sparked the national apartment market to its strongest year in a decade, according to early fourth-quarter/year-end apartment data from Axiometrics, the leader in apartment market and student housing research and analysis.
Axiometrics' research showed:
QUARTERLY EFFECTIVE RENT GROWTH | ||||
Quarter | 2012 | 2013 | 2014 | 2015 |
First | 0.6% | 0.4% | 0.5% | 0.9% |
Second | 2.2% | 2.1% | 2.7% | 2.7% |
Third | 1.3% | 1.2% | 1.7% | 2.0% |
Fourth | -0.6% | -0.9% | -0.3% | -0.6% |
Source: Axiometrics Inc. |
"Quarters 1-3 were the most robust period we have seen since before the Great Recession," said Jay Denton, Axiometrics' Senior Vice President of Analytics. "Much of the fourth-quarter moderation can be attributed to several Western markets that experienced double-digit rent growth for most of the year but could not sustain that pace."
Denton added, "Those markets remain quite strong at 6% and higher rent growth. Axiometrics forecasted those metros to moderate, and they did late in the year. As expected, they remained among the top markets for rent growth despite the deceleration late in the year."
In other metrics:
Portland Remains No. 1 for Rent Growth
In the third quarter, Portland replaced Oakland as the metro with the highest annual effective rent growth among Axiometrics' top 50 markets, and Oregon's most populous area retained that distinction in the fourth quarter.
Oakland maintained the No. 2 position, but its Bay Area neighbors dropped in the rankings. San Francisco and San Jose, Nos. 3 and 5 last quarter, were Nos. 7 and 9 in the fourth quarter. California placed seven metros in the fourth-quarter top 25, including No. 3 Sacramento and No. 6 San Diego, while Florida placed five, including No. 5 Orlando.
The top 25 Metropolitan Statistical Areas (MSA) or Metropolitan Divisions -- among Axiometrics' top 50 markets with the most apartments -- reported the following results:
Top 25 Markets by Annual Effective Rent Growth for 4Q15
|
|
MSA/Metropolitan Division | Annual Effective Rent Growth |
Portland-Vancouver-Hillsboro, OR-WA | 12.0% |
Oakland-Hayward-Berkeley, CA | 11.3% |
Sacramento-Roseville-Arden-Arcade, CA | 9.3% |
Seattle-Bellevue-Everett, WA | 8.4% |
Orlando-Kissimmee-Sanford, FL | 8.0% |
San Diego-Carlsbad, CA | 7.7% |
San Francisco-Redwood City-South San Francisco, CA | 7.6% |
Tampa-St. Petersburg-Clearwater, FL | 7.3% |
San Jose-Sunnyvale-Santa Clara, CA | 7.1% |
Riverside-San Bernardino-Ontario, CA | 7.1% |
Nashville-Davidson-Murfreesboro-Franklin, TN | 7.0% |
Phoenix-Mesa-Scottsdale, AZ | 6.9% |
Fort Worth-Arlington, TX | 6.9% |
Las Vegas-Henderson-Paradise, NV | 6.7% |
Denver-Aurora-Lakewood, CO | 6.6% |
Atlanta-Sandy Springs-Roswell, GA | 6.6% |
Boston-Cambridge-Newton, MA-NH | 6.5% |
Los Angeles-Long Beach-Glendale, CA | 6.4% |
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 6.3% |
Salt Lake City, UT | 6.2% |
West Palm Beach-Boca Raton-Delray Beach, FL | 6.2% |
Dallas-Plano-Irving, TX | 5.9% |
Charleston-North Charleston, SC | 5.6% |
Charlotte-Concord-Gastonia, NC-SC | 5.6% |
Jacksonville, FL | 5.2% |
National |
4.7%
|
Top 25 Markets by Quarterly Effective Rent Growth for 4Q15 | |
MSA/Metropolitan Division | Quarterly Effective Rent Growth |
West Palm Beach-Boca Raton-Delray Beach, FL | 2.3% |
Salt Lake City, UT | 1.2% |
Tampa-St. Petersburg-Clearwater, FL | 1.0% |
Riverside-San Bernardino-Ontario, CA | 0.9% |
Anaheim-Santa Ana-Irvine, CA | 0.9% |
Phoenix-Mesa-Scottsdale, AZ | 0.7% |
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 0.6% |
Orlando-Kissimmee-Sanford, FL | 0.4% |
Warren-Troy-Farmington Hills, MI | 0.3% |
Miami-Miami Beach-Kendall, FL | 0.3% |
Indianapolis-Carmel-Anderson, IN | 0.2% |
Los Angeles-Long Beach-Glendale, CA | 0.2% |
Sacramento-Roseville-Arden-Arcade, CA | 0.2% |
Las Vegas-Henderson-Paradise, NV | 0.2% |
San Diego-Carlsbad, CA | 0.1% |
Nashville-Davidson-Murfreesboro-Franklin, TN | 0.1% |
Fort Worth-Arlington, TX | 0.1% |
Columbus, OH | -0.1% |
Atlanta-Sandy Springs-Roswell, GA | -0.1% |
Dallas-Plano-Irving, TX | -0.2% |
Nassau County-Suffolk County, NY | -0.3% |
Birmingham-Hoover, AL | -0.5% |
Oklahoma City, OK | -0.5% |
Silver Spring-Frederick-Rockville, MD | -0.5% |
San Antonio-New Braunfels, TX | -0.5% |
National
|
-0.6%
|
Top 25 Markets by Occupancy for 4Q15 | ||
MSA/Metropolitan Division |
4Q15 Occupancy | Change From 3Q15 |
Nassau County-Suffolk County, NY | 97.0% | 0.0% |
Miami-Miami Beach-Kendall, FL | 96.7% | -0.1% |
New York-Jersey City-White Plains, NY-NJ | 96.6% | -0.4% |
Los Angeles-Long Beach-Glendale, CA | 96.2% | 0.1% |
San Francisco-Redwood City-South San Francisco, CA | 96.0% | -0.6% |
Sacramento-Roseville-Arden-Arcade, CA | 96.0% | 0.0% |
San Diego-Carlsbad, CA | 95.9% | 0.4% |
Oakland-Hayward-Berkeley, CA | 95.9% | -0.4% |
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 95.9% | 0.1% |
Minneapolis-St. Paul-Bloomington, MN-WI | 95.9% | -0.8% |
Nashville-Davidson-Murfreesboro-Franklin, TN | 95.9% | -0.3% |
Boston-Cambridge-Newton, MA-NH | 95.9% | -0.3% |
Orlando-Kissimmee-Sanford, FL | 95.8% | -0.2% |
Salt Lake City, UT | 95.8% | -0.4% |
Tampa-St. Petersburg-Clearwater, FL | 95.7% | -0.1% |
Charlotte-Concord-Gastonia, NC-SC | 95.7% | -0.2% |
Anaheim-Santa Ana-Irvine, CA | 95.6% | -0.2% |
Portland-Vancouver-Hillsboro, OR-WA | 95.6% | -0.8% |
Fort Worth-Arlington, TX | 95.5% | -0.3% |
Columbus, OH | 95.4% | -0.4% |
Riverside-San Bernardino-Ontario, CA | 95.4% | 0.2% |
Dallas-Plano-Irving, TX | 95.3% | -0.3% |
Kansas City, MO-KS | 95.3% | -0.5% |
Philadelphia, PA | 95.3% | -0.4% |
Seattle-Bellevue-Everett, WA | 95.3% | -0.6% |
National | 95.0% |
-0.4%
|
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Contact Information:
Contact:
Ross Coulter
214-394-5538
ross@mpdventures.com