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Major Centers are Being Outpaced in Rental Growth

With several major centers bearing the brunt of renters moving out Q3 has seen multifamily rents flatten and secondary and tertiary markets starting to outperform the major metros. Yardi Matrix reports a national average rental drop of 0.6% year over year. Outmigration for large markets to secondary hubs is amplifying and bedroom communities with lower costs of living are outperforming the larger centers. In addition coastal metros are seeing inland migrations with cities such as Sacramento (5.0%), Las Vegas (3.9%) and Phoenix (3.8%) seeing better growth. Tertiary markets are seeing a similar influx with Boise (8.1%), Huntsville (6.8%) and Portland, Maine (6.5%) leading the markets in rental growth while major centers such as New York (-10.0%), San Francisco (-8.2%), Washington, D.C. (-3.7%), Boston (-3.1%), Chicago (-2.9%) and Los Angeles (-2.8%) are seeing significant drops. Ron Cadman is a Director of Investar USA, an active Build For Rent Development Company in the southwe...
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This is not a typical recession says Ron Cadman of Investar USA.

  This is not a typical recession says Ron Cadman of Investar USA. This is not a typical recession says Ron Cadman of Investar USA. People have lost jobs due to a government induced recession and Congress decided to break until September with no regard for the mess they created. Politics is taking priority over collaboration and addressing the real issues impacting America’s working class resulting from Covid-19. Those of us with hard assets are fine and are seeing asset values rise while the working class have lost jobs and are sliding deeper into debt. According to a recent analysis by John Friedman, an economics professor at Brown University, U.S. stocks are hovering near a record high, a stunning comeback since March that underscores the new phase the economy has entered: The wealthy have begun to recover. The bottom half remain far from it. This dichotomy is evident in many facets of the economy, especially in employment. Jobs have returned for the highest wage earne...
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Phoenix Multifamily Rebounded in Q3

  Following a decline in Q1 and a halt in activity through Q2 of 2020, the Phoenix Multifamily market has seen a significant rebound through Q3. ABI Multifamily has reported closings on 12 apartment sales in October of 2020 and 40 properties set to trade before the end of the year. While there was a pricing corrections seen in the early days of the pandemic, ABI is currently reporting pre-pandemic values and rental growth in the market. Phoenix has long been a popular area for multifamily investors however the pandemic shut downs in some states, rent control in California and overall uncertainty in the market has brought an influx of interest back to the area. With a low cost of living and high in-migration, Phoenix is building on its fundamentals and starting to see steady growth. Ron Cadman is a Director of Investar USA, an active Build For Rent Development Company in the southwest United States. 
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