US – Top Cities for Job Growth and Rental Revenue in 2013

January 30, 2013

 

Last year, the West was the best. The only cities to break the 3 percent increase mark were San Francisco and San Jose, Calif., as well as Austin, Fort Worth and Houston, Texas. The lone surprise on the East Coast was Charlotte, which ended 2012 with a 3.1 percent increase in annual relative job growth from the previous year. When revenue growth is factored in, Silicon Valley and Texas lead the way.

Unfortunately for Mid-Atlantic cities, 2013 will lag in terms of growth potential, with major rental hubs like Washington, D.C., Philadelphia, Pa., and Baltimore, Md. trending toward the lower end of the combined spectrum.

Yet, 2013 has good things in store for Seattle, Salt Lake City, Raleigh-Durham, and Savannah, which are all expected to see 3 percent or more job growth this year.

For a full list of how Axiometrics expects major metros to perform in 2013, see the table below:

2013 Job Growth and Rental Revenue Forecast_tcm23-1804201

Source: MFE


US – Rental Apartment Vacancy Declines to 11 Year Low

January 16, 2013

U.S. apartment vacancies declined to an 11-year low in the fourth quarter as construction of multifamily complexes spurred by rising rents failed to keep up with increasing demand, Reis Inc. (REIS) said.

The national vacancy rate dropped to 4.5 percent from 4.7 percent in the third quarter and 5.2 percent a year earlier, the New York-based real estate research firm said today.  It was the lowest since the third quarter of 2001, when the rate was 3.9 percent, according to Reis.

The number of occupied apartments in the U.S. has been rising since the second quarter of 2009 as millions of people forced out of their houses by foreclosure switched to renting, and stricter mortgage requirements made it harder for potential homebuyers to obtain loans.

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REBGV – Vancouver Sales and Price Drop

January 16, 2013

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2012 reached 25,032, a 22.7 per cent decline from the 32,387 sales recorded in 2011, and an 18.2 per cent decrease from the 30,595 residential sales in 2010. Last year’s home sale total was 25.7 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

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US – Residential Home Price Up in 2012

January 15, 2013

Home prices nationwide, including distressed sales, rose 7.4% year-over-year in November, according to the latest home price index from CoreLogic.

This change represents the ninth consecutive month of year-over-year price gains and the largest increase since May 2006. Distressed sales excluded, home prices jumped 6.7% from last year in November 2012.

According to CoreLogic’s HPI report, all but six states experienced annual price gains in November: Connecticut, Delaware, Illinois, New Jersey, Pennsylvania and Rhode Island.

Conversely, the five states with the highest home price appreciation are Arizona, Nevada, Idaho, North Dakota and California.

CoreLogic November HPI

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