The Rent Roll with Jay Parsons EP#16 Greg Willett | Q1'25 U.S. Apartment Market Update
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Jan 9, 2025 Greg Willett, First Vice President and National Director of Research at IPA, shares his multifamily real estate expertise. He discusses the surprising demand hitting the U.S. apartment market in 2024, addressing occupancy trends and rent growth peaking at an 18-month high. Key markets in Texas show resilience despite new supply, while the stalled homebuyer market influences rental dynamics. Willett also highlights promising forecasts for Florida's apartment markets and the contrasting performance of different property classes. Get ready for valuable insights into the future of rental housing!
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Improved Data Availability
- Data availability and quality have improved significantly in the rental housing market.
- Real-time data and comprehensive tracking enable better analysis and decision-making.
Strong Renter Demand and Low Trade Volume
- Renter demand in 2024 was stronger than predicted, driven by better-than-expected economic growth and job creation.
- Trade volume in real estate did not rebound as anticipated despite loan maturities.
Market Performance Surprises
- Seattle's rental market outperformed expectations despite high supply, while Atlanta underperformed due to demand weakness.
- Atlanta's performance highlights the growing importance of neighborhood-specific analysis.