Occupancy Remains Strong at 94.8% in First Quarter; Sacramento Posts Highest Rent-Growth Rate Among Top 50 Metros -- by a Hair
DALLAS, TX--(Marketwired - April 01, 2016) - Despite moderation from the peaks of 2015, the national apartment market continued to show strength in the first quarter of 2016, according to early end-of-quarter apartment data from Axiometrics, the leader in apartment market and student housing research and analysis.
Axiometrics' research showed:
QUARTERLY EFFECTIVE RENT GROWTH | ||||
Quarter | 2013 | 2014 | 2015 | 2016 |
First | 0.4% | 0.5% | 0.9% | 0.2% |
Second | 2.1% | 2.7% | 2.7% | |
Third | 1.2% | 1.7% | 1.8% | |
Fourth | -0.9% | -0.3% | -0.8% | |
Source: Axiometrics
"Even though rent growth is moderating, as Axiometrics forecast, 4.0% growth is still well above the long-term average," said Jay Denton, Axiometrics' Senior Vice President of Analytics. "The significant declines in primary metros such as the Bay Area, New York, Denver and Houston are being somewhat offset by robust gains in secondary markets like Sacramento, Orlando and Salt Lake City."
In other metrics:
Sacramento Edges Portland as Top Rent-Growth Metro
Sacramento, by only 2 bps, edged out Portland as the metro with the highest annual effective rent growth among Axiometrics' top 50 markets. Sacramento posted a rate of 10.68%, while Portland's 10.66% wasn't quite enough to continue its two-quarter reign at the top.
Oakland dropped to No. 3, while Seattle, Salt Lake City and Riverside emerged to round out the top six. California placed seven metros in the first-quarter top 25, while Florida placed five.
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 1Q16 | |
MSA/Metropolitan Division | Annual Effective Rent Growth |
Sacramento-Roseville-Arden-Arcade, CA | 10.7% |
Portland-Vancouver-Hillsboro, OR-WA | 10.7% |
Oakland-Hayward-Berkeley, CA | 7.2% |
Seattle-Bellevue-Everett, WA | 7.2% |
Salt Lake City, UT | 6.9% |
Riverside-San Bernardino-Ontario, CA | 6.8% |
Orlando-Kissimmee-Sanford, FL | 6.7% |
Nashville-Davidson-Murfreesboro-Franklin, TN | 6.6% |
San Diego-Carlsbad, CA | 6.6% |
Los Angeles-Long Beach-Glendale, CA | 6.5% |
Atlanta-Sandy Springs-Roswell, GA | 6.5% |
Tampa-St. Petersburg-Clearwater, FL | 6.4% |
Phoenix-Mesa-Scottsdale, AZ | 6.4% |
Las Vegas-Henderson-Paradise, NV | 6.3% |
West Palm Beach-Boca Raton-Delray Beach, FL | 6.0% |
Fort Worth-Arlington, TX | 5.8% |
Charlotte-Concord-Gastonia, NC-SC | 5.7% |
Dallas-Plano-Irving, TX | 5.4% |
Austin-Round Rock, TX | 5.3% |
San Francisco-Redwood City-South San Francisco, CA | 5.1% |
Boston-Cambridge-Newton, MA-NH | 5.0% |
San Jose-Sunnyvale-Santa Clara, CA | 5.0% |
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 5.0% |
Jacksonville, FL | 4.8% |
Raleigh, NC | 4.4% |
National | 4.1% |
Top 25 Markets by Quarterly Effective Rent Growth for 1Q16 | |
MSA/Metropolitan Division |
Quarterly Effective Rent Growth |
Sacramento-Roseville-Arden-Arcade, CA | 2.0% |
Seattle-Bellevue-Everett, WA | 1.4% |
Phoenix-Mesa-Scottsdale, AZ | 1.1% |
Memphis, TN-MS-AR | 1.1% |
Riverside-San Bernardino-Ontario, CA | 1.1% |
Los Angeles-Long Beach-Glendale, CA | 1.1% |
Salt Lake City, UT | 1.0% |
Minneapolis-St. Paul-Bloomington, MN-WI | 0.9% |
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 0.8% |
Miami-Miami Beach-Kendall, FL | 0.8% |
Las Vegas-Henderson-Paradise, NV | 0.8% |
Jacksonville, FL | 0.7% |
Virginia Beach-Norfolk-Newport News, VA-NC | 0.7% |
Tampa-St. Petersburg-Clearwater, FL | 0.6% |
Portland-Vancouver-Hillsboro, OR-WA | 0.6% |
Columbus, OH | 0.6% |
Silver Spring-Frederick-Rockville, MD | 0.5% |
Anaheim-Santa Ana-Irvine, CA | 0.5% |
West Palm Beach-Boca Raton-Delray Beach, FL | 0.5% |
Atlanta-Sandy Springs-Roswell, GA | 0.5% |
Chicago-Naperville-Arlington Heights, IL | 0.5% |
Dallas-Plano-Irving, TX | 0.4% |
Nashville-Davidson-Murfreesboro-Franklin, TN | 0.4% |
Kansas City, MO-KS | 0.3% |
Charlotte-Concord-Gastonia, NC-SC | 0.2% |
National | 0.2% |
Top 25 Markets by Occupancy for 1Q16 | ||
MSA/Metropolitan Division | 1Q16 Occupancy | Change From 4Q15 |
Miami-Miami Beach-Kendall, FL | 96.8% | 0.1% |
Nassau County-Suffolk County, NY | 96.6% | -0.4% |
New York-Jersey City-White Plains, NY-NJ | 96.5% | -0.1% |
Los Angeles-Long Beach-Glendale, CA | 96.3% | 0.1% |
Oakland-Hayward-Berkeley, CA | 95.9% | 0.0% |
Sacramento-Roseville-Arden-Arcade, CA | 95.9% | -0.2% |
Salt Lake City, UT | 95.8% | -0.2% |
Anaheim-Santa Ana-Irvine, CA | 95.8% | 0.2% |
Minneapolis-St. Paul-Bloomington, MN-WI | 95.8% | -0.1% |
Orlando-Kissimmee-Sanford, FL | 95.7% | -0.2% |
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 95.7% | -0.2% |
Nashville-Davidson-Murfreesboro-Franklin, TN | 95.7% | -0.3% |
San Diego-Carlsbad, CA | 95.7% | -0.2% |
Seattle-Bellevue-Everett, WA | 95.5% | 0.3% |
Tampa-St. Petersburg-Clearwater, FL | 95.5% | -0.1% |
San Francisco-Redwood City-South San Francisco, CA | 95.5% | -0.6% |
San Jose-Sunnyvale-Santa Clara, CA | 95.5% | 0.3% |
Portland-Vancouver-Hillsboro, OR-WA | 95.4% | -0.1% |
Dallas-Plano-Irving, TX | 95.4% | 0.0% |
Riverside-San Bernardino-Ontario, CA | 95.4% | 0.0% |
Philadelphia, PA | 95.4% | 0.1% |
Boston-Cambridge-Newton, MA-NH | 95.3% | -0.5% |
Warren-Troy-Farmington Hills, MI | 95.3% | 0.0% |
Charlotte-Concord-Gastonia, NC-SC | 95.3% | -0.4% |
Columbus, OH | 95.2% | -0.3% |
National | 94.8% | -0.2% |
Apartment owners, operators, developers and property managers may request a complimentary assessment to analyze a specific property, submarket or market on Axiometrics' portal and subscribe to Axiometrics' newsletters for updated numbers and trends.
About Axiometrics
Axiometrics' specialty is monitoring the apartment and student housing markets, providing an in-depth view of volatile market trends via AXIOPortal™ and the brand new AXIOMobile™ smartphone app. Axiometrics' granular data-collection methods and enlightening analysis help clients make profitable - and intelligent - decisions. To learn more, visit www.axiometrics.com, follow @Axiometrics or on LinkedIn, or call 214-953-2242.
Contact Information:
Contact:
Ross Coulter
214-394-5538
ross@mpdventures.com