It’s been a fact since the dawn of the Industrial Revolution: First come the jobs, then come the people. It makes sense that people who are working need somewhere to live. This is something just about any apartment owner or manager needs to know when it comes to portfolio assessment. The good news for most owners and managers is that the apartment market continues strong, even as more supply is being delivered to market in certain urban cores.
The correlation between job gain and residential permitting is strong, and the curve between the height of the Great Recession and now demonstrates that. For example, job growth decreased for eight straight quarters from the first quarter of 2008 to the fourth quarter of 2010, with the low point coming in the first quarter of 2009, when the economy lost 2.325 million jobs. During the same period, the number of total residential permits per quarter (trailing 12 months) fell from 1.143 million to 518,459 in the fourth quarter of 2009.
Read more...The Link between Jobs and Apartments
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.