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Where the Highest Apartment Rent Growth Is

Plus, Top Performing Investment Themes of 2023 and 6 more RE insights


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A Quote

“Let everything happen to you: Beauty and terror. Just keep going. No feeling is final.”

― Rainer Maria Rilke

Today’s Rates

Real Estate Trends

Where the Highest Apartment Rent Growth Is link

  • New York City leads major metros in apartment rent growth, with a 5.4% increase over the last year and a 0.6% increase in February alone. This showcases NYC's robust rental market despite broader economic conditions.

  • The Northeast and Midwest are outperforming other regions in short-term rent growth, with cities like New Jersey, Columbus, Kansas City, and Chicago also showing significant increases. This trend highlights a regional shift in the rental market's dynamics.

  • Among the top performers, New Jersey saw a 3.8% increase, Columbus 3.6%, Kansas City 3.3%, and Chicago 3.1% in rent growth. These figures indicate a healthy demand for apartments in these areas, contrasting with the broader market's challenges.

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New Listings Rose to the Highest Level in 17 Months in February link

  • Housing supply saw a significant rebound in February, with new listings increasing 3.8% month over month and 14.8% year over year. This marks the largest annual gain since May 2021, signaling sellers are adapting to higher mortgage rates.

  • Despite the increase in listings, the median U.S. home sale price surged 6.6% year over year to $412,778. This significant price growth underscores the persistent demand and insufficient supply, challenging buyers in the market.

  • The housing market's dynamics are shifting, highlighted by a slight month-over-month rise in home sales (0.5%) but a 3.5% decline year over year. These figures reflect a mixed but gradually improving landscape, with mortgage rates affecting buyer behavior and overall market activity.

Forecasting 2024 Employment Growth in Major Apartment Markets link


  • Half of the nation’s 50 largest apartment markets are expected to see job growth above the U.S. average in 2024. Austin leads with a forecasted job growth of 1.8%, signaling a significant economic expansion in the Sun Belt region.

  • Sun Belt markets like Las Vegas, Houston, Orlando, and Phoenix are predicted to have substantial employment gains. For example, Las Vegas is anticipated to see a 1.7% increase, continuing its strong performance from the previous year.

  • The overall U.S. job growth is expected to slow down, dropping from around 2% in 2023 to less than 1% in 2024. This suggests a nationwide deceleration in hiring, with markets like Cleveland, Detroit, and St. Louis forecasted to have the weakest job base expansions at a rate of 0.5%.

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Off Topic

The Top Performing Investment Themes of 2023


Something I found Interesting

Paris Jumps London To Become Europe's Most Talked-About City Online link


  • Paris has overtaken London as Europe's most talked-about city online, with digital mentions increasing by 21% last year. The French capital now leads in online visibility, which is closely linked to attracting foreign investment in sectors like real estate.

  • Digital visibility is crucial for cities to draw investors, renters, students, and tourists. For Paris, major events such as Men's Fashion Week, Paris Fashion Week, and the Rugby World Cup boosted its online presence, and the upcoming 2024 Summer Olympics is expected to further enhance its digital profile.

  • Direct investment in commercial property globally has seen a sharp decline, falling to the lowest level in over a decade. Despite this downturn, experts remain optimistic about a rebound in direct investment, highlighting the importance of a city's digital exposure in attracting investment and influencing decisions.

Location Specific

Manhattan Apartment Rents Are Rising Again link

  • After a period of stabilization, Manhattan's apartment rents are climbing again in 2024. The median rent in February reached $4,230, marking a 1.9% increase from January's $4,150.

  • Despite a recent dip, the current median rent is nearing last August's record high of $4,400. This resurgence suggests a trend back towards record-setting rent levels.


Realtor.com reveals new tools to evaluate climate risk exposure link

  • Realtor.com integrates climate risk assessments into property listings, using data from First Street. They now provide scores for heat, wind, and air quality risks on a 1-10 scale, alongside existing fire and flood risk assessments.

  • A significant portion of U.S. homes is at risk due to climate change. 40.4% of homes, valued at $19.7 trillion, face severe or extreme climate risks. These insights aim to inform buyers and sellers about potential future challenges.

  • The impact of climate risk varies significantly across U.S. cities. Miami and San Francisco lead in heat, wind, and air quality risks respectively, with billions of dollars in property value at stake. This variation underscores the importance of localized climate risk information for real estate decisions.

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That's all, folks.



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