Top and Bottom Performing MSAs
The following table lists some of the top and bottom performing MSAs across the country. Oakland, Houston, Denver, and Seattle continue to rank in the top tier for revenue growth. Washington, DC’s revenue growth is amongst the lowest in the country at 0.9%. It is slightly higher than Las Vegas (0.5%), but the two markets are on opposite growth paths. Washington, DC was one of the first MSAs with positive growth rates during the apartment market recovery in 2010, but its revenue growth has been fading since peaking at 9.45% in December 2010. While Washington, DC was on the first wave of the apartment recovery, Las Vegas is perhaps on the last one. Annual effective rent growth in Las Vegas was negative every month from mid-2008 until November 2012, but it has now been positive for four of the past five months.
Read more...March 2013 Apartment Market Summary, MSA’s and Apartment Pipeline via AXIOMetrics