Industry experts project that some of the largest metro areas will see some of the largest rent growth next year. Yet some hot secondary metros, such as Denver and Nashville, are also among the top markets for 2014.
Seattle will continue to grow in 2014 and is expected to see the biggest percent change in rents, according to New York-based Reis.
San Francisco will push rents by about 4.7 percent next year, according to the MPF. The Bay Area's job growth market continues to improve, as the unemployment rate dropped from 6.9 percent in July to 6.1 percent in September, according to the Bureau of Labor Statistics.
Meanwhile Texas markets Austin, Dallas and Houston are each showing strong fundamentals heading into the new year. Job growth in all three markets will give the boost they need to push rents by about 3.9 percent next year. While some people may fear Austin is seeing too much development, most mangers aren't worried about it. As far as Dallas and Houston, both markets are seeing rapid development, and are among the hottest secondary markets in the nation.
The Top 10 Rent Growth Markets for 2014:
1. Seattle: 5.8 2. San Francisco: 4.7
3. Denver: 4.6
4. San Jose: 4.5
5. Nashville: 4
6. San Diego: 4
7. Austin: 3.9
8. Dallas: 3.9
9. Houston: 3.9
10. New York City: 3.8
Lindsay Machak is an Associate Editor for Multifamily Executive. Connect with her on Twitter @LMachak.
