Market Reports

Why Developers in NYC Are Turning to the Suburbs

by Channing Hamilton August 2, 2023

In the New York metropolitan area, more apartments are under construction, more renters are looking for apartments and renters are paying higher rents than almost any other apartment market in the U.S. But the cost to build a new apartment or renovate an old one is also higher, development sites are more expensive and regulations like rent stabilization are tougher than almost anywhere else. And New York City has some of the highest property taxes in the U.S. In June 2022, the Affordable Housing NY Program — also known as …

August 2, 2023

Affordable Housing Development Finance Indiana Investment Sales Market Reports Midwest

Indianapolis Emerges As ‘Star of the Midwest’

by Channing Hamilton July 17, 2023

CBRE has dubbed the Indianapolis apartment market “The Star of the Midwest” due to a combination of factors: its business-friendly climate, bustling life sciences and technology sectors, and exceptional rent growth. The giant real estate services firm points out in its 2023 Indianapolis Multifamily Market Overview that Indianapolis led the nation in year-over-year effective rent growth in October, November and December 2022 based on data from Yardi Matrix. In December, Indy posted an 11.4 percent increase in effective rents on an annual basis, the only metroplex to produce double-digit year-over-year growth. Despite …

July 17, 2023

The Somerset in Winthrop, Massachusetts.

Development Market Reports Massachusetts Northeast Operations

Why Apartment Investors Remain So Bullish On Boston

by Channing Hamilton May 24, 2023

Commercial developers don’t receive the same sunny embrace in Boston compared with other booming multifamily markets to the south. NIMBYism exists everywhere, but developers face a litany of objections and roadblocks to new construction in Beantown. Labor unions, antiquated zoning practices and a scarcity of development sites are some of the barrier-to-entry culprits. In this challenging climate, Boston multifamily is typically summarized by one word: undersupplied. A modest amount of new development combined with strong renter demand ensures most properties will achieve rent growth and occupancy levels that investors like …

May 24, 2023

Market Reports Michigan Midwest

Reinvention of Detroit Accelerates

by Lynn Peisner May 8, 2023

The auto industry is pivoting from the mass production of internal combustion engine vehicles to electric vehicles (EVs), and the Motor City is at the forefront of this transformation. While it’s unclear how long it will take to complete the transition and at what cost, the expected job growth stemming from the billions of dollars flowing into EV investments in Michigan bodes well for metro Detroit’s economy and the multifamily market, say commercial real estate experts. In January 2022, General Motors unveiled plans to invest $6.5 billion and create up …

May 8, 2023

A 3D render of the Edition in Minneapolis.

Market Reports Midwest Minnesota

National Investors Bullish on Minneapolis Market

by Channing Hamilton April 27, 2023

The downtown Minneapolis apartment market continues to rebound from the COVID-19 pandemic’s lingering effects and the civil unrest that occurred following the murder of George Floyd in May 2020. A growing number of residents who fled to the suburbs during that tumultuous year have returned to the city. More broadly speaking, apartment rental demand is up across the metro area, rents have hit an all-time high, and occupancy rates have remained steady in the mid-90s percentagewise. Perhaps best of all for investors is that cap rates in the Minneapolis market …

April 27, 2023

A 3D render of Atlantic at Alamo, a cream and brown multifamily complex.

Development Investment Sales Market Reports Texas

Investors Bank on San Antonio’s Economic Growth

by Channing Hamilton April 5, 2023

A global recession may come to define 2023, but in San Antonio, investors are still bullish — provided they’re ready to play the long game. The region’s economic growth prospects, they say, inspire confidence the market will make it to the other side of 2023 with the rising rents and property values investors have come to know and love still intact. San Antonio is a young city with a budding job market and rapidly rising population. These favorable characteristics are spurring demand for apartments in the metro, which is touted …

April 5, 2023

A 3D render of 32nd and Eliot Apartments, a white and black contemporary style building.

Affordable Housing Colorado Development Market Reports Western

Developers Navigate Denver’s Increasingly Complex Market

by Channing Hamilton March 17, 2023

We know Denver’s housing story as it relates to the pandemic: The metro’s high quality of life, access to outdoor amenities and lower prices than other Western mainstays (California) drove demand sky-high for the past three years. With that came an increase in prices — as it always does. The average rent for an apartment in metro Denver was $1,838 in the fourth quarter of 2022, according to research firm Apartment Insights. This is actually a slight decrease from the thirdquarter average of $1,870 per month. Andrew Hamrick, general counsel …

March 17, 2023

Annapolis Junction, a six-story multifamily building with brick and slate exteriors.

Development Investment Sales Market Reports Northeast

Mid-Atlantic Region Capitalizes on its Economic Strengths

by Channing Hamilton March 7, 2023

The Mid-Atlantic region comprises two major markets with heavy ties to the federal government: Washington, D.C., and Baltimore. The metros are located about 40 miles apart via I-95, and their combined metropolitan statistical area (MSA) house more than 9.2 million people, which is a nearly 10 percent increase from 2010, according to the latest U.S. Census data. The region’s surging population has helped drive demand for more market-rate multifamily and affordable housing development in recent years. Also supporting demand is its ubiquitous public sector, especially in the nation’s capital. “Washington, …

March 7, 2023

A rendering of Tortoise Properties' West Palm Beach mixed-use project

Development Florida Investment Sales Market Reports Southeast

Investors Find South Florida Irresistible

by Lynn Peisner February 16, 2023

South Florida’s multifamily investors know a storm is coming. But threats of disaster, natural or economic, seem incapable of toppling confidence in this region’s potential. The optimism is born out of sustained population and job growth paired with residents’ desires — in many cases their needs — to live in apartments instead of buying homes. The U.S. Census Bureau’s 2022 population estimates, released in December 2022, indicate that Florida is now the nation’s fastest-growing state for the first time since 1957. The state’s population increased by 1.9 percent to 22.2 …

February 16, 2023

Market Reports Texas

Clean Energy Fuels Employment, Multifamily Growth in Houston

by Kari Lloyd February 9, 2023

Long known as a key center for oil and gas companies and dubbed “The Energy Capital of the World,” Houston today is positioning itself as the proving ground for alternative energies. Jobs, and therefore apartment demand, are following close behind, keeping investors busy. Per Yardi Matrix, Houston is one of only a few metros in which employment rates have returned to pre-pandemic levels. The multifamily sector, alongside many others, is reaping the benefits of such a bounce. Employment expanded by 150,400 jobs, about 5.2 percent, from March 2021 to July …

February 9, 2023

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