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Thread: 2014 multifamily market absorption

  1. #1
    Cyburbian The One's avatar
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    2014 multifamily market absorption

    Check out this report from the US Census on multifamily housing constructed in 2014 and resulting market absorption levels:

    http://www.census.gov/housing/soma/f...ce=govdelivery

    Quotes:
    "The median asking rent for privately financed, nonsubsidized, unfurnished, rental apartments in buildings of five units or more
    completed in 2014, was $1,384."

    "The highest median asking rent for units constructed in 2014 was in the Northeast at $2,308 per month while the lowest
    was in the Midwest at $1,038 per month. The median asking rent in the West was $1,650 per month and the
    South had a median asking rent of $1,332 per month."

    Of the 210,800 units constructed in 2014, one-bedroom units accounted for 45 percent of the total, and two-bedroom units accounted for
    41 percent."

    {I will take this opportunity to again ask you people in the Northeast how exactly you survive on the GAWD awful salaries posted for planning jobs up there???} NHP
    “The way of acquiescence leads to moral and spiritual suicide. The way of violence leads to bitterness in the survivors and brutality in the destroyers. But, the way of non-violence leads to redemption and the creation of the beloved community.”
    Dr. Martin Luther King, Jr.
    - See more at: http://www.thekingcenter.org/king-ph....r7W02j3S.dpuf

  2. #2
    Cyburbian WSU MUP Student's avatar
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    Keep in mind that the median asking rents in the report represent only prices for newly constructed apartments. And I always have a problem with this type of data when you are looking at it at the larger sub-national regional level (i.e. Northwest, Midwest...). Within any of these regions rents will vary greatly. Of course that means rents for new construction somewhere like Boston or the NY Metro area are probably considerably higher than the $2,308 median for the northwest region while rents in places like Buffalo, Scranton, or Bangor are likely much lower than that median.

    The American Housing Survey provides a better localized snapshot of median rents. However, the AHS has its limitations in that they only report data for a very small selection of MSAs.

    But yes, I will still concede the point of the question of how folks can survive on some of the salaries out there.
    "Where free unions and collective bargaining are forbidden, freedom is lost." - 1980 Republican presidential candidate Ronald Reagan

  3. #3
    Forums Administrator & Gallery Moderator NHPlanner's avatar
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    First off...what WSU said about this being only for the new construction.

    The major metros skew the Northeast figures quite a bit.

    Here's the snapshot for NH:

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    "Growth is inevitable and desirable, but destruction of community character is not. The question is not whether your part of the world is going to change. The question is how." -- Edward T. McMahon, The Conservation Fund

  4. #4
    Cyburbian MacheteJames's avatar
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    ....and this is why I live in a 500 SF studio apartment despite making OK money. It becomes less tolerable year by year.

  5. #5
    Cyburbian The One's avatar
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    Hmm.....

    Quote Originally posted by NHPlanner View post
    First off...what WSU said about this being only for the new construction.

    The major metros skew the Northeast figures quite a bit.

    Here's the snapshot for NH:

    Attachment 5551
    Attachment 5552
    If the new units demand median rents more than twice those of the existing marketplace, there will be trouble in paradise
    “The way of acquiescence leads to moral and spiritual suicide. The way of violence leads to bitterness in the survivors and brutality in the destroyers. But, the way of non-violence leads to redemption and the creation of the beloved community.”
    Dr. Martin Luther King, Jr.
    - See more at: http://www.thekingcenter.org/king-ph....r7W02j3S.dpuf

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