Apartment Rents: 1Q Rent Growth Soars – Axiometrics
According to Axiometrics, effective rent growth numbers for the first quarter of 2015 are the highest they have been in 3.5 years. Solid job growth and the continuing trend of wanting to rent vs. buy contributed to the first-quarter metrics.
Axiometrics identified 63,846 new apartment units to be delivered in the first quarter of 2015, or 22.8% of the anticipated 280,406 new apartments units expected to be delivered in 2015. Last year, 217,255 units were delivered according to Axiometrics.
Out of the top 25 Metropolitan Statistical Areas of the top 50 MSAs tracked for most apartments – Portland-Vancouver-Beaverton, OR/WA ranked 6th in the first quarter with an 8.2% annual effective rent growth and Seattle-Bellevue-Everett, WA ranked 9th with 6.8%.
For the first quarter of 2015, Portland-Vancouver-Beaverton, OR/WA ranked 6th with a 96.1% and Seattle-Bellevue-Everett, WA ranked 17th with a 95.5% occupancy.