- RealPage’s latest research suggests the most multi-family starts in nearly 30 years.
- Occupancy rates stood at 96% in the last 5 years
- Rent growth in 2019 at lowest level since beginning of this economic cycle
According to RealPage’s latest survey, Los Angeles is slated to see the largest supply hike of multi-family units, some 17,600 units, in more than 20 years despite low rent growth. Washington DC is expecting to gain 16,000 multi-family units, 7,800 units more than in 2019. DC, like Los Angeles, has had occupancy rates of 96% and low rent growth, below -2%, during the past five years.
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Houston is projected to see +16,000 multi-family units in 2020, 8,500 more than in 2019. Houston, however, has had to deal with hurricanes and volatile oil prices in 2019 and those two factors resulted in net move-outs that brought down occupancy rates to 93.6% during last year.
Phoenix and Fort Lauderdale are expecting 4,000 additional multi-family units in 2020. These 4,000 units will have both cities reach 20-year peaks in multi-family offerings.
Seattle will also see a 20-year high of multi-family units with 12,700 new units to be completed in 2020. The Bay Area is also slated to experience a two decade high with San Francisco expecting two times more new multi-family units this year as compared to 2019, while both Oakland and San Jose are projected three times more new multi-family units in 2020 than in 2019.
Nashville and Minneapolis are slated for an additional 3,500-3,700 units this year as well.
Six markets expected to see completion volumes fall this year are Tampa, St. Louis, Memphis, Chicago, Pittsburgh and Greensboro with the steepest decline, just one half of 2019’s volume.
Huntsville AL topped RealPage’s nationwide rising rent report in the small metro category.
Take a look at some of RealPage’s multi-family unit projections in these markets for 2020:
- Los Angeles – +131%
- Houston – +111%
- Boston +119%
- Washington DC – +91%
- Atlanta – +82%
- San Jose – +212%
- Oakland – +151%
- Phoenix – +60%
- Fort Lauderdale – +217%
- Seattle 45%
Thanks to RealPage, Construction’s Kim O’Brian and HousingWire’s Julia Falcon for source data.