Thanks to its affordability and business-friendly environment, the Southeast continues to see an expanding population and job market. These fundamentals drive apartment demand and rent growth, with the most significant increases posted in Fort Lauderdale, recording 21.3 percent year-over-year growth. Occupancies in major markets throughout the region range from 92.2 percent (Birmingham) to 96.3 percent (Fort Lauderdale). Almost every major market reached the $1 billion thresholds in sales over the last 12 months, and Atlanta ranks first, recording $19.1 billion in sales. Nashville leads the way in the apartment construction, with 19,267 units underway, followed by Charlotte (18,637 units) and Tampa (15,474 units). Redevelopment trends are taking off in the Southeast, as demonstrated by the demolition of a 50-year-old shopping center in Marietta, GA, to be converted into a multifamily-heavy mixed-use project. The Southeast benefits from lower replacement costs than replacement costs, attractive development yield potential, and healthy rent increases.
Category: Apartments, Multifamily Tags: Apartments, Multifamily, Southeast
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