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2014 multifamily market absorption

The One

Cyburbian
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#1
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/...ml=gd&utm_medium=email&utm_source=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???} :trollface:NHP:trollface::facepalm:
 
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#2
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.
 

NHPlanner

Forums Administrator & Gallery Moderator
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#3
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:

chart1.jpg
table1.jpg
 
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#4
....and this is why I live in a 500 SF studio apartment despite making OK money. It becomes less tolerable year by year.
 
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