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What's Happening with Multifamily Units in Tennessee, Especially Knoxville? At NAI Koella | RM Moore, we're keeping a close eye on the real estate market in Tennessee, especially when it comes to multifamily units in Knoxville. Here’s a quick update on what’s going on: 🏢 Supply Trends: More Developments: Knoxville is seeing a lot of new multifamily buildings. Investors are confident, and there’s a clear response to more people moving here. Urban Renewal: Tons of new projects are part of efforts to revamp old industrial areas, turning them into cool, vibrant residential spots. 📈 Demand Dynamics: Population Growth: More and more people are calling Knoxville home, from young professionals to retirees. This means higher demand for rental places. Economic Boost: With a strong local economy and job growth in various sectors, more folks are moving in, boosting housing demand. 🔍 Market Insights: Low Vacancy Rates: Even with new buildings popping up, vacancy rates are low, which means new units are getting filled quickly. Rising Rental Rates: With demand going up, so are rental prices, making it a good market for landlords and investors. 📊 Check Out This Data: Take a look at this chart showing the rise in new multifamily units in Tennessee from 2019 to 2023. Starting at 5,000 units in 2019, we’ve reached 9,000 units by 2023. This steady growth highlights the ongoing efforts to meet the increasing demand. 🌟 Key Takeaways: Knoxville’s multifamily market is full of opportunities and some challenges. Investors can look forward to strong returns, while renters will see a variety of new options, though at higher prices. Understanding the balance of supply and demand is crucial for making smart investment decisions. Stay tuned with NAI Koella Moore for more updates on Knoxville’s multifamily market and what it means for everyone involved! 📊🏠 #NAIKoellaMoore #RealEstate #Knoxville #MultifamilyUnits #SupplyAndDemand #Investing #UrbanDevelopment #MarketTrends City of Knoxville Urban Land Institute Knoxville Chamber (Knoxville, Tennessee) Tennessee Department of Economic and Community Development East Tennessee REALTORS®

The recent completion of nearly 10,908 units in Denver's apartment market is approaching the peak seen in 2018, when almost 11,500 units were completed. Looking ahead, RealPage projects an even higher level of completions, with 22,015 units expected to be finished in the next four quarters—more than double the current rate. Despite this influx of new supply, Denver maintains a fairly tight housing market with a housing units-to-households ratio of 1.05, similar to Dallas, compared to the national ratio of 1.11. This suggests continued demand for housing in Denver, highlighting the ongoing dynamics of supply and demand in the local real estate landscape. #HousingSupply #RealEstateTrends #MarketAnalysis

❄️Winter Market Dynamics: A Unique Opportunity 💰 Winter has traditionally been considered a slower season for real estate transactions. However, the 2024 winter season presents unique opportunities for savvy investors, especially those interested in taking advantage of the new zoning regulations. 1. Increased Demand for Rentals 2. Attractive Purchase Prices 3. Increased Property Value Potential 4. Government Incentives and Support Calgary’s recent zoning changes have reshaped the real estate landscape, offering new possibilities for investors, particularly in the winter months. Head to our website for more of our insights- https://lnkd.in/gpsYc6mc #calgaryrealestate #realestateinvesting #investinCalgary #Calgaryprecon #wealthbuilders #remaxwealthbuilders #calgary

Based on the search results, here's a concise overview of Bay Area rental costs: The median rent for all property types in the Bay Area is currently $3,900, which is 81% higher than the national median. However, rental prices vary significantly across different cities and neighborhoods: San Francisco's average rent is $3,287, with some neighborhoods like Presidio ($4,862) and Mission Bay ($3,955) being more expensive. The most affordable neighborhoods in San Francisco include Hayes Valley ($2,598), Tenderloin ($2,622), and Van Ness - Civic Center ($2,622). In Silicon Valley, rents are highly competitive, with apartments staying vacant for only 36 days on average. More affordable options can be found in cities like Vallejo ($1,550), Antioch ($1,790), and Richmond ($1,820). Mountain View has one of the highest average rents, with nearly $3,700 needed for a 1-bedroom apartment. It's worth noting that Bay Area rents have declined since the pandemic, with San Francisco experiencing a 15% decrease compared to pre-pandemic levels. However, some neighborhoods are seeing revitalization and rent increases, such as the Outer Sunset with a 15.7% increase since February 2020.

When you think of the strongest multifamily markets in the country, what comes to mind? Austin, Nashville, Raleigh.....Madison? You betcha! Approaching the halfway point of the year, Wisconsin's state capital continues to punch above its weight class for the relative strength of its multifamily demand. Compared to the largest 60 markets in the country, Madison ranks fourth for net absorption levels relative to market inventory size. Over the past 12 months, net absorption levels have amounted to 4.6% of total inventory in the market. In other words, the number of occupied units has grown by around 3,400 units during this time. This closely mirrors the number of units delivered over the past year, but that figure is falling fast as Madison's construction pipeline shrinks. Already the third-lowest vacancy market in the US, declining supply rates could continue to put downward pressure on vacancies - ultimately limiting renter mobility and influencing stronger rent growth in a market that has already been grappling with eroding affordability. For further insight into Madison's multifamily sector, click the link below! As always, drop a line if you'd like to discuss this or any other #CRE or #urbanism trends around town. #madison #multifamily #apartments

High interest rates and an over-supply of multi-units are halting many projects at the permit phase. The number of new permits pulled has plummeted by over 50% to just below 300K new units. According to the Fed's data, rents are on the rise at +5.5%, prompting a need for dialogue with apartment builders. While some cities like Honolulu are experiencing a 5% rent increase, overall rents remain stagnant or are decreasing in the hottest markets due to excessive construction. Seattle and Austin witnessed the sharpest decline in median asking rent, falling by 7.3% in Seattle, year-over-year, decline attributed to a surge in apartment construction. The Sun Belt saw nine out of ten metros with the largest rent decreases, including Austin (-6.6%), Miami (-5%), San Diego (-4.7%), and Phoenix (-4.6%). Are there buyers and sellers for multi-family assets? Yes! Thinking of buying or seling please contact me. Stay informed about the evolving real estate landscape by following me on LinkedIn. #realestate #multifamily #apartment #seattle #austin #miami #sanfrancisco #sandiego #phoenix #sanjose #miami

Is Florida's rental market downturn a sign of bigger changes ahead? 📉🏠 Recent data from Redfin shows significant rental rate declines across major Florida cities, with Miami and Jacksonville seeing drops around 5% and Orlando and Tampa experiencing 4.3% and 3.2% declines. Combined with slowing population growth, this trend could have major implications for real estate investors and developers. But it’s not all bad news. The increased housing supply is improving affordability for renters, providing more options at lower prices. As the market adjusts, where do you see the opportunities and challenges for investors? #RealEstateInvesting #FloridaHousing #MarketTrends #RentalRates #PropertyMarket

Developers Sit on Empty Lots After Historic Apartment Boom "Seattle-based developer Tyler Carr set out to build apartments in Boise, Idaho, where rents were rising the fastest in the country. In 2021, his company bought land near the growing downtown with plans to develop 104 rental units.Three years later, his land remains an empty lot. When market conditions deteriorated, his strategy no longer made financial sense. Interest rates and construction costs rose, Carr said, “and those two things really converged to make the project unviable.” During the biggest apartment construction boom in decades, a growing number of developers can’t make the numbers work to get started on their project, or can’t get the money to complete them. Higher interest rates, tighter lending conditions and flattening rents in parts of the country have left property companies from California to Florida waiting for financing that might not come soon. The amount of time the average apartment project spends between construction authorization and when construction begins has risen to nearly 500 days, a 45% increase from 2019, according to property data firm Yardi Matrix." See attached full article. #Multifamily #RealestateDevelopment #commercialrealestate #realestate

TOP 10 NEIGHBORHOODS WITH LARGEST RENTAL INVENTORY Rental inventory grew nearly 5 percent in April over the past year, meaning there are more than 30,000 more apartments across the city, a new StreetEasy study found. Some neighborhoods, particularly those near the water, saw their stock of available rentals grow more than others. The median asking rent in Brooklyn rose 4.5 percent year-over-year to $3,450 during April, according to the study. Typical rent increased 11.1 percent to $2,999 in Queens. Manhattan's rent, by contrast, held relatively steady at a sky-high $4,440 in April, the study found. #COMMERCIALREALESTATE #INVESTMENTPROPERTY #MULTIFAMILY #MANHATTANREALESTATE #BRONXREALESTATE #BROOKLYNREALESTATE #DOUGLASELLIMAN #THELENNONTEAM

Is the strongest apartment rent growth found in the cities with the worst bouts of oversupply? In terms of the rent growth winners after the last construction cycle, the answer appears to be a resounding “yes”. Metros in green had the highest inventory underway as a percentage of stock in the last cycle — 2015–2017. Almost all the “Hockey Stick” markets we track (broadly lying from Seattle, down through the Rockies, into Texas and over through the Carolinas) are in this high supply, high rent growth quadrant. Barriers to new supply don’t appear to grow rents — NY, San Francisco, and L.A. are all in the bottom left quadrant where the rent growth and supply are lowest.  Sure, you might say high supply markets from the last cycle were bailed out by pandemic-induced migration. The flip side of that question may be — will there be enough demand growth in high barrier coastal markets to drive their rent growth in the future? More on all this coming in our next post.