Markets We Serve
– Phoenix
Robust Hiring Sustains Elevated Apartment Demand; Developers Aggressively Add Units to Keep Pace
Diverse job creation fueling elevated construction across the metro. Corporate expansions are becoming more frequent in the Valley adding 500 jobs over the next few years. In addition, employment growth in the medical sector should be more prevalent moving forward as there are several healthcare projects taking place, headlined by the large expansion of the Mayo Clinic and Chandler Regional Medical Center.
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– Inland Empire
Consistently Tight Vacancy Has Out-of-Market Investors Eager to Expand Inland Portfolios
Diverse hiring, stable rental demand sustain minimal vacant stock. The expansion of e-commerce, combined with an influx of health and construction jobs, maintains the Riverside-San Bernardino region as Southern California’s fastest growing economy in 2019. The wealth of job openings this year will sustain a stout rate of household formation, generating a need for rentals during a period of strong single-family home price appreciation.
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– Orange County
Limited Housing Options, Cycle-Low Vacancy Enable Metro to Absorb Third Crop of New Supply
Entering 2019, Orange County’s median home price has reached $820,000, with the gap between a mortgage payment and average monthly rent sitting at $2,600 per month. While these values make home ownership unobtainable for many residents, low unemployment and median income nearing $90,000 suggest many households can afford higher priced rentals. Spanning the past two years, nearly 9,000 such units were delivered, with the metro’s overall vacancy rate declining by 20 basis points during that time.
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State
Seattle’s Vibrant Employment Market Continues To Drive In-Migration
Seattle has been one of the strongest single-family housing markets in the nation, but rising interest rates, high home prices and comparably low rental rates have tamped down home-buyer enthusiasm, ensuring a strong renter pool this year. More than 12,000 apartments are slated for completion this year, a new high for the current cycle.