Apartment rents will grow faster in many secondary markets than in the top primary markets like New York City and Los Angeles, according to 2014 projections from data firms Reis Inc. and Pierce Eislen.
“There has been a tremendous amount of rent growth and growth in value in these markets,” says Robert Kadoori, senior vice president for debt and structured finance with CBRE capital markets, which quoted the Pierce Eislen projections in a recent multifamily presentation.
Apartment investors have been turning toward secondary markets this year as they look for higher yields on their investments. Rising rents will make those markets even more attractive.
Read more...Secondary Markets to Experience Accelerated Rent Growth in 2014 | Multifamily content from National Real Estate Investor