National Real Estate Investor's Bendix Anderson looks at the markets that have bounced back the most from the lows seen during the Great Recession.
Notably, many of these markets are in the Sun Belt, which has seen a steady migration trend over the past few years. The markets that have recovered the most include Phoenix, Atlanta, and California's Inland Empire region (all of which have seen rent growth of 25.3% since the recession), as well as Sacramento, Calif.; Orlando, Fla.; and Las Vegas.
“All of these markets now are posting very healthy job growth that is helping to stimulate solid demand for apartments,” says Greg Willett, chief economist for RealPage Inc., a provider of property management software solutions.
“If demographics are on a market’s side—rapid population growth, with jobs being created—then it’s no surprise that these markets are reclaiming top spots in various rankings,” says Victor Calanog, chief economist and senior vice president for New York City–based research firm Reis Inc.