This is a narration of our weekly Rent and Operating Trends Report.
Domestic migration and population growth are key drivers of multifamily demand, and the Census Bureau released its 2023 county level population statistics last week. These data provide insight into which local areas are experiencing the fastest growth and which areas are struggling with outmigration. Overall, many of the same trends we have experienced in the past few years have continued, with sunbelt counties in Florida, Texas, Arizona, and the Carolinas taking the lion’s share of growth. Counties from large gateway markets in Los Angeles, Chicago and New York led the way for outmigration. Yet the pace of growth and the pace of decline slowed in 2023 from previous years. Given the severity of the new supply pipeline in the south, slowing demand growth will likely extend the lease up timelines and recovery for many of these markets. Conversely, slower population declines in gateway markets, set against a landscape of relatively limited supply may lead to continued outperformance in places like Chicago. We will be covering the domestic migration and population growth data in further detail in future reports and social media posts.
Explore our webpage for more insights and resources:
https://bit.ly/Radix_Website
Explore our webpage for more insights and resources:
https://bit.ly/Radix_Website
