Three of the top economic minds in the multifamily field shared their thoughts and insights on specific markets, national trends, and where they see the industry heading in 2017, during the second day of the Multifamily Executive Conference.
Skylar Olsen, senior economist at Zillow; Jay Denton, senior vice president at Axiometrics; and Jay Parsons, vice president at MPF Yieldstar, worked the PowerPoint clicker hard during their session on under-the-radar markets.
Parsons said he’s a fan of the Plano, Texas, market because of its strong salary growth, as well as Charlotte, N.C., due to positive trends there. Surprisingly to some, he also mentioned that despite the chatter with regard to millennials wanting to live only in urban hubs, he’s found the opposite to be true, adding that the current largest generation in the country enjoys the suburbs.
Olsen is projecting 2.1% rent growth in the U.S. from July 2016 to July 2017 but expects a number of markets to outpace that average. Seattle, Zillow forecasts, will post the largest rent growth through July (8.0%), followed by Portland, Ore., and Denver, each at 6.6%.
In Denton's presentation, he broke down specific urban cores, detailing what’s in each area and what's expected to come on line in the future. Axiometrics is projecting most markets will realize 2% to 4% effective rent growth in 2017.