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Week of July 19 Brings Welcome Improvement in Multifamily Market

Week of July 19 Brings Welcome Improvement in Multifamily Market
That's more like it. After the week ending on July 12 brought with it a bevy of bad stats, the following week showed a nice upturn. In general, the apartment market has shown fairly steady improvement since its low points early on in the pandemic. Last week, I cautioned that one bad week can be just that: one bad week. I urged readers not to worry too much until we saw leading indicators like traffic and leases continue to decline over several weeks in a row. Fortunately, during the week ending on July 19, we saw moderately positive uptick across most data points and most markets, according to Radix.  Nationally, leases and traffic increased on a week-over-week basis, with the former also increasing when compared to the same time last year. The national occupancy and leased-percentage rates were up slightly from the preceding week, and the metrics also closed their year-over-year gaps that were so large in the initial stages of the pandemic. Impressively, even the average net effective rent in the U.S. rose 10 basis points from the week before. To be sure, these were, overall, not outsized gains. But when we consider the July 12 data, it certainly is a positive to see the declines of that week come to a stop. We will continue to monitor the data to see if the gains morph into a longer-term positive trend over the next several weeks.  Below are some of the specific takeaways from the week ending on July 19:......
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Traffic and Leases Continue Week-Over-Week Improvements During Pandemic

Traffic and Leases Continue Week-Over-Week Improvements During Pandemic
As April drew to a close, most of the country was still in lockdown mode. But we have begun to see some states start to lift the restrictions they put in place five to six weeks ago. And although most of us contend it will be a while before things return to normal – or something resembling our former days – new data from Radix shows that the apartment industry is finding its footing as it relates to the leading indicators of traffic and leases.  During the week ending on April 29, both traffic and leases increased on a national basis when compared with the preceding seven days. This was the latest in a series of week-over-week improvements for these stats after they reached a low point four weeks ago.  This trend suggests the worst may be over when it comes to these two metrics. As states continue to open, these numbers should continue to inch up, though most likely concessions and rent discounts will remain in order to attract prospects to properties.  With that being said, let’s get to the major takeaways from the week ending on April 29:  Traffic and leases were up 9.4% and 9.5%, respectively, WoW, but they were still down 51.2% and 29.4%, respectively, YoY. For context, it is worth remembering that leases were down 50% YoY just four weeks ago. The national same-store occupancy rate stood at 93.27%. That’s down 0.11 percent from one week earlier and a full 101 basis points from the same time la......
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Multifamily Renters Trend | How Today’s Moving Trends Will Affect Multifamily in 2014

Multifamily Renters Trend | How Today’s Moving Trends Will Affect Multifamily in 2014
According to a press release that the U.S. Census Bureau shared late last month, 11.7% or 35.9 million U.S. residents moved their primary residence in the 2012-2013 year. This translates to a drop of about 12% compared to this same time period from the year prior. When comparing the data found in the Geographical Mobility report published in 2013, these statistics show 2013’s numbers to be very similar to the 11.6% reported in 2011. Researchers found that 48% of Americans claimed that the move was housing-related, 30.2% was a result of family, and 19.4% said their move was fueled by employment-related reasons. What do these moving trends mean for multifamily? We have three solid years in which moving trends have remained steady or improved nationally, with certain specific metropolitan areas seeing enough growth to maintain the averages for their whole region. At 13.4%, the Western region of the United States has actually seen the highest percentage of all movers. This is followed by the South, who received 12.8% of our nation’s movers, and the Midwest who turned in an even 11%. The region with the lowest mover rate is the Northeast, who had 7.8% in the last year. According to these trends, industry professionals can expect to see at least these same percentages with a slight improvement being the most likely result of all the new activity planned for 2014. Multifamily News identified that two-thirds of today’s movers are staying within their same county of origin. In addition, 40% of these movers are staying within 50 miles......
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