This week’s multifamily roundup features insights on accelerating multifamily rent growth, vehicle ownership trends among renters, and Millennial and Baby Boomer migration patterns. First, Mortgage Bankers Association notes that the apartment market remains strong, with tight occupancy rates and rent growth of 2.9% in the third quarter. Then, Urban Land Magazine reveals it’s forecast on the U.S. economy and commercial real estate market, noting expectations have improved from its prior survey. Arbor’s Chatter blog takes a look at why vehicle ownership has increased among renters in the current cycle. Next, Harvard JCHS reports that the increase in western migration is largely attributable to Millennials and Baby Boomers, with notable variations among western states. Finally, Real Capital Analytics examines apartment price growth heading into the end of the year.


Apartment Market Sees Accelerating Rent Growth, Tightening Occupancy

Mortgage Bankers Association – September 28, 2018

“The bump up from 2.5 percent annual rent growth in the second quarter reversed the pattern of slowing apartment price increases recorded since late 2015.”

Real Estate Economists Remain Positive on U.S. Economy and CRE Industry

Urban Land Magazine – September 24, 2018

“Overall, expectations have improved since the prior forecast in March 2018, and the strong second-quarter gross domestic product (GDP) growth rate of 4.2 percent was fresh in forecasters’ minds as they weighed in on future years.”

Has Vehicle Ownership Increased Among Renters in the Post-Crisis Financing Environment?

Arbor Chatter – September 24, 2018

“While the more downtown-adjacent multifamily properties have lower car ownership rates, apartment renters have indeed been ready participants in the recent car sales boom.”

 Not just the Sunbelt: Millennials and Baby Boomers Increasingly Head West

Harvard JCHS – September 18, 2018

“Data from the IRS show that between 2012 and 2016, 26-34 year olds flocked to the West, especially to Washington, Oregon, and Colorado, and, to a lesser extent, Montana, Idaho, and Nevada.”

US Price Growth Picks Up in August, Report Shows

Real Capital Analytics – September 27, 2018

“Apartment price growth continues to outpace other types, rising 1.2% in August from a month earlier and 12.3% from a year ago.”