Wellington, FL Rents to Grow as Community Expands

Wellington, FL has seen tremendous growth in the past 50+ years. In 1960, the population was 4,622 and the estimated population in 2015 was 62,560. This population growth includes families with children under the age of 18, with children making up over a quarter of the population in 2010.

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Map of the Wellington, FL apartment rental market area.

Aside from the availability of housing and good schools, Wellington looks to see strong job growth in the coming future. Currently they are seeing job growth at 3.94%, but that should jump up to 43.7% over the next ten years.

It has been reported that heavy investment in the South Florida area is helping to drive demand for apartment complexes. This point is further highlighted in an article explaining the recent sale of the Solara at Wellington Apartments:

More than $1.2 billion was spent on the acquisition of apartment complexes throughout the tri-county area during 2015, with demand being driven by the belief that rental rates will continue seeing steady growth.

For many younger residents in South Florida, the lack of affordable homes to purchase has kept them in the apartment rental market. As population growth continues to a steady clip here, demand for rental housing will increase. As demand goes up, rental prices should continue to increase on existing apartment rental units in the area.

wellington-fl-apartment-rent-trendsIn the case of Wellington, more developments should continue to take place with the presence of good schools and cheaper land due to its inland location. The presence of increased demand can be seen in the increased rents for apartments within Wellington. In the chart showing apartment rental trends in Wellington, rental rates have gone up year over year. Higher end rates should be noted in particular because of their dramatic spike starting in July of 2015.

 

Using RentHub.com as a resource, you can also see what the apartment rental market summary is for the past 60 days in Wellington.wellington-fl-average-apartment-rents

 

How are Oil Prices Affecting Apartment Rents?

An Update on Three Oil Towns

In January of this year, we at RentHub wanted to see how apartment rents were trending in three distinct rental markets where the local economy is driven by the oil industry. At the time, median rents in each case were declining substantially. The median rents in these three markets have continued to decline, while oil prices have somewhat stabilized. Crude oil prices are still nowhere near the $100+ per barrel during the peak, but the floor is not falling out from under the industry as it seemed to be doing when we last addressed this topic in January.

The Current Situation

As you can see by the chart, oil prices have rebounded from January when they were below $30 a barrel. As of October 25, U.S. crude oil futures were trading at $49.35. This is roughly a $20 increase since that time, but nowhere near the days where the price per barrel was over $100.

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source: WSJ.com

The U.S. oil industry is proceeding on a more careful footing after the price collapse that occurred. Global production levels are in flux, along with demand for the type of crude oil the U.S. produces being in low demand.

Current Rental Trends

As stated, apartment rental trends for these three markets have continued to decline. There are a few factors that this may be attributed to this decline. Below are the housing rental trends for each:

Odessa, TX

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Midland, TX

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Williston, ND

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Going Forward

Uncertainty in the oil business will continue to translate to uncertainty in the housing sector in each of these oil towns. Williston, ND has seen greater declines in rents due to the dominance the oil boom had on that local market. Odessa and Midland, both have had a longer history of oil development. The oil boom that occurred in Williston brought on temporary housing. Because of the rapid nature of apartment development that was needed to meet the demand during that boom, more apartment rentals have come online while the local government works to remove the temporary housing.

New Development Continues

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Housing development continues to take place in Williston, ND.                 photo source: eenews.net

These boom markets are still working towards stabilizing. Though the local economies are now constricting, to an extent, since the days of $100+ per barrel, development, and specifically housing development continues to take place. Instead of only reacting to the rapid influx of workers, each market is preparing for longer term solutions to housing oil workers and the job sectors that help to serve those people.

In April of 2016, The Odessa Housing Finance Corp. was working to develop 181 units of rental housing.

Tax credits units in the apartment buildings would serve people who make $23,000 to $36,540 a year… About 63% of the renter population earns less than $40,000 per year in a rental market where less than 10% of rental housing is affordably priced according to the (Odessa Housing Finance Corp.)

In Midland it is reported that development of new commercial and residential uses is still set to take place, despite the drop in oil prices.

Several oil companies have recently built office complexes in the area, and drilling continues, albeit at a more sluggish pace. The city plans to build a new convention center, and construction of a municipal courthouse is underway. Several more hotels, apartment complexes and eateries are expected to open this year

In that same report, the driving force behind this development in Midland, and it can be applied to both Odessa and Williston, is because:

The prolonged bustle is partly because the city is playing catch-up, recovering from a period of frenetic growth during the recent boom, when housing was impossible to find…

 

Comparing Rents in the 10 Best Places to Raise a Family

It is quite an accomplishment to be featured on a livability list at Livability.com and something that apartment owners should make note of when gauging rental prices and rental housing demand. In the case of the list we are featuring, the 10 best places to raise a family are featured. Assuming most families seek out homes with two to three bedrooms, those will be the focus for each of these ten rental markets. Using the RentHub data for average rental prices and average square feet for apartments, the vast differences of each apartment market can be seen.

The following is a brief description of how Livability.com ranks their cities:

We crunched the data. We looked at the quality of the schools, the crime rate, and measures of the quality of healthcare and economy. We gave points to communities that are walkable, diverse, have lots of parks and active children’s sections in their libraries. We favored communities with shorter commute times (so working parents can be home more and on the road less) and larger populations of other kids to play with.

We will highlight some of these community characteristics that will hopefully help you understand the livable fabric of each.

10. Palo Alto, CA

2 Bedroom – $3,500 per month / 1,100 sf
3 Bedroom – $8,750 per month / 2,324 sf

Palo Alto, CA is home to Stanford University. Located in the San Francisco Bay Area, the city is a center for Silicon Valley and the highly regarded technology companies that are found there.
Based on the US Census, over 80% of the residents have a bachelor’s degree or higher. Just over 45% of the households are renter occupied. There are over 66,000 residents, to which +23% are under the age of 18. The median household income is $126,771 (in 2014 dollars). Housing demand in Palo Alto, being driven by university employees and technology sector, along with higher household incomes, are heavy drivers of the apartment market rents here.

9. Bowling Green, OH

2 Bedroom – $665 / 774 sf
3 Bedroom – $782 / 882 sf

The City of Bowling Green, OH is home to Bowling Green State University and the 18,856 students who attend school there. The median age of the city is 23.2 years, with 43.2% of residents being between the ages of 18 to 24. It can be surmised that the student population is the largest driver of demand for apartment rentals and the local economy. A small population found in a central location has presented the city the opportunity to have a walkable downtown with regular customers for the businesses found there. The lower rental rates are better understood when fully realizing the proportion of students that make up the total housing rental market.

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8. Homewood, AL

2 Bedroom – $1,045 / 1,093 sf
3 Bedroom – $1,425 / 1,400 sf

A suburb of Birmingham, home to Samford University, Homewood, AL has a total population of 25,708. For a smaller city from this top ten list, Homewood has several parks that helped increase the livability factor. You can also find the Hollywood Historic District, which is on the National Register of Historic Places.

homewood-al-rent-drivers Continue reading

Top 10 Trending Neighborhoods in Major US Cities

It’s summertime in the city which means rents are high, workplace productivity is low, and all inhibitions are out the window. Not only is it prime vacation season, it’s also peak time for finding a new place to live. Apartment rates have been known to increase anywhere between 15% and 20% beginning April and ending around October. So we’ve decided to use our real-time rental data and Heat Map to pull together a summary of what neighborhoods are trending and and who’s flocking to them. While a few of the established submarkets are just now seeing a spike in listings, other’s are outliers experiencing a surge in new multifamily developments and gentrifying demographics.

The following summary was generated by RentHub’s real-time rent analytics in conjunction with census reporter data.

10. 

Current Rent Median: $2,650
Last Year Median: $2,450
Increase: 8%
Rent Drivers: Parking, Gym, Secured Entry
Median Age/Income: 30yrs/$40,013
Avg. % of Income Spent on Rent: 79%

9.

Current Rent Median: $1,700
Last Year Median: $1,571
Increase: 8%
Rent Drivers: Laundry, Garage, Granite
Median Age/Income: 35 yrs/$77,512
Avg. % of Income Spent on Rent: 26%

8.

Current Rent Median: $2,400
Last Year Median: $2,200
Increase: 10%
Rent Drivers: Secure Entry, Stainless, Lounge
Median Age/Income: 33 yrs/$50,336
Avg. % of Income Spent on Rent: 57%

7.

Current Rent Median: $2,650
Last Year Median: $2,385
Increase: 11%
Rent Drivers: Stainless, Secure Entry, Gym
Median Age/Income: 37 yrs/$61,000
Avg. % of Income Spent on Rent: 52%

6.

Current Rent Median: $3,262
Last Year Median: $2,895
Increase: 13%
Rent Drivers: Garage, Granite, Pool
Median Age/Income: 37 yrs/$55,959
Avg. % of Income Spent on Rent: 70%

Is the Oil Collapse Affecting Rents?

With 2016 in full swing, the US is coming to grips with the fact that a crisis is upon us.  As of this writing, oil prices have sunk to record lows, thus continuing a free-fall that started nearly two years ago.  Nearly a year ago, oil prices per barrel were $103.  These days, the prices are hovering around $30/barrel with some major investment banks projecting that it will plunge even lower.

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The Effects of Cheap Oil

The consequences of the oil price collapse have been rampant.  On a positive note, gas prices are as low as they’ve been for a while which should make travel by air and auto more palatable.  On a negative note, however, oil companies that have ramped up over the past few years are now adjusting to current market conditions.  According to this LA Times article, BP will be cutting 4,000 jobs by the end of 2017.  They aren’t the only ones to slash headcount either.  Last fall, rivals Shell and Chevron made similar announcements.

Rent Trends in Oil Boom Towns

While the direct effects of falling oil prices are obvious, the indirect ones are trickier (more interesting) to diagnose.  One that we’ve been paying attention to is how oil prices are affecting rental housing markets.  We all know the prevailing mainstream narrative is that rents are rising astronomically as the US has been transitioning away from a homeownership nation.  This recent article in the Wall Street Journal, substantiates that by suggesting that national rents are up nearly 4.6% from a year ago.

But as we dive deeper to get more granular, we’re seeing a different picture in certain markets where oil is a major economic driver.  Remember, we’re constantly tracking and analyzing millions of data points to deliver real-time picture of rental housing markets.  Using our technology platform, we pulled up data on three geographic areas where oil plays a major roll in the economy:  Odessa, TX; Midland, TX; and Williston, ND.  What we uncovered demonstrates substantial rent price declines across each of these markets.

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As these charts depict, median rents in each of these markets have declined substantially.  A closer examination will depict that the upper quartiles (shaded yellow areas) have maintained their heights in Williston, yet have declined in both Midland and Odessa.  While it’s tough to say (conclusively) that these declines are a sign of rent price death (or newfound affordability) in these markets, we can’t ignore the impact of oil in these local economies.  Along these lines, it will be interesting to track the performance of furnished short term rentals and new hotel openings in these markets, as these products were direct beneficiaries of the oil boom.

Not All Oil is Created Equally

According to a recent article from Bloomberg, “[o]il is so plentiful and cheap in the U.S. that at least one buyer says it would need to be paid to take a certain type of low-quality crude.”  The certain type of oil referred to by this buyer is a grade of oil from North Dakota, called North Dakota Sour.

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I’m far from an expert on oil and gas commodities, but with the North Dakota grades of oil commanding even steeper price declines than other grades, one can only wonder whether towns like Williston will be hit harder than other parts of the country.  Time will tell and we’ll keep you posted.

Kwelia is now RentHub! A Word From the CEO

Hello folks.  It is with great excitement that we’re finally able to announce that Kwelia is now RentHub.com.  We’ve been hard at work over the past several months bringing this change to all of you out there and are stoked to unveil this rebranding.  We founded Kwelia to solve problems stemming from a chaotic (and archaic) data ecosystem for rental housing.  Quite simply, it’s long been too difficult to understand local rental housing markets and the current solutions that feature stale and prepackaged data have only contributed to the challenges that stakeholders face daily.  By leveraging technologies such as data science and machine learning, we’re well on our way towards our mission of becoming the market leader in comprehensive, granular, and real-time data analytics for rental housing.  Rebranding to RentHub is an important milestone towards the realization of that mission, as it incorporates many of the thoughtful pieces of feedback that have been delivered our way.  We trust that you’ll share our excitement and enjoy some of the updated features in RentHub.

So what’s new you ask? Click on the desktop to explore our new interface.

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We’re not done, though. Please check back often as we’re always plugging away to provide you with the best user experience possible. Also, the hiatus with our data-driven blog coverage of the rental housing market is over. Stay tuned for more thought-provoking content pieces like Survival of the Fittest: Where are Gyms the Most Common Apartment Amenity or USA National Rental Housing Affordability – 2014.

Lastly, if you’re a medium-to-large property management company or ownership group and fancy real-time monitoring of your portfolio, competitive properties, and their local markets, please contact us or follow us on Facebook, Twitter, and LinkedIn to stay connected.

Austin Apartment Deals:  A Renter’s Cheatsheet

Austin’s growing population has made finding great apartment deals near impossible. We’ve analyzed data and are delivering the Top Austin Apartment deals available right now.

Ranked the fastest growing U.S. city for the fourth year in a row, Austin, Texas’s landscape has changed drastically. Throughout the city, engineering and property companies are scrambling to construct enough housing to host the burgeoning population. Unfortunately, for Texan immigrants, property developers are struggling to keep up with demand.  Naturally, this has resulted in higher rental prices.  For renters like us, finding a good apartment deal is about as rare as a short line at Franklin’s BBQ.

Fortunately, at Kwelia we’ve spent the past couple of years building technology to help analyze and decipher rental housing markets. Among other cool things, our tech continuously scores every apartment on the market to signify how good of a deal it is (the higher the score, the better the deal and vice versa).  Needless to say, we have a good sense of where the rental market is at any point in time.

While we’re accomplishing this using tons of data and really complex algorithms (stay tuned for a future post on this), our goal is to keep things simple and to be as helpful as we can to us renters out here.  With this in mind, we’ve put together a short list of some of the Top Apartment Deals throughout Austin for the week.  Like you, we hate things like spam, or fake listings, so know that as of January 26th, 2015, these were all available and for the taking.  Have at it, ya’ll!

Downtown  –

Austin’s traffic is amongst the worst in the United States, even beating out San Francisco & New York City for the number 2 spot in 2013. As a result, living downtown in the thick of the social and professional mix of things offers huge advantages. Our top pick for the best deal in downtown Austin is located at Gables Park Plaza’s 1 Bedroom, 1 Bath, A3A unit going for $1,730.

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Why This Deal Wins

As for why this is a such a strong dgables park plaza grapheal, there’s a ton of new construction in this area.  For example, this building is directly in front of the Gables Park Tower building, which was finished last year.  Naturally, these command a premium because they’re brand new (limited wear-n-tear) and are built with the most in-demand amenities.  As such, it follows that there are good deals to be had in the not-so-brand-spanking-new buildings in the area like this one.

In addition to Kwelia’s positive rating (72/100), Gables Park Plaza offers a tremendous location in the heart of Austin with efficient floor plans that help maximize the interior space.  If there is a knock on the unit, it’s proximate to the train tracks that sit behind the building.  However, once compared to other similar floor plans in neighboring complexes, the price/layout/location mix can’t be beat.  This is a deal that certainly won’t be on the market for long.

South Lamar – Recent Construction

For those who prefer to be away from the hustle-and-bustle of downtown, there is great opportunity just south in what’s called the South Lamar area.  In a lot of ways, this is the best of both worlds given its close proximity to the SoCo and South 1st districts, lower density, and access to downtown.  Our top pick for the best deal here is at The Hamilton.  Known for its scenic location, The Hamilton has a 1 bedroom, 1 bath, 800 square foot apartment for rent priced at $1,010 per month. Amenities include elevators and granite countertops, resulting in a Kwelia Health Score of 77/100.

hamilton table

Why This Deal Wins

To understand why this is a good deal, it’s necessary to compare it with some surrounding properties.  Most around it hhamilton chartave Kwelia Ratings lower than the 50s (in the 20s in some cases).  According to our data-driven insights, we’ve determined that granite is a major driver of rent around here.  While this can be interpreted in many ways, one obvious interpretation is that this area is dominated by older construction that doesn’t feature trendy amenities like granite.   to put this in comparison, the surrounding properties rankings rank from 20 to 58 out of 100 and typically have less living space.

South Lamar – New Construction

As alluded to earlier, some of the best deals in town will be recently-constructed properties around a bunch of brand new construction.  In a similar vein, there are good deals to be found in some off-peak (read: not in downtown) new construction properties.  Often, these will be in lease-up mode (seeking initial tenants after property is built) and their management companies want them filled – ASAP.  Some want them filled so badly they’ll offer specials to entice renters.  As a case in point, our next deal is at the Cielo, which is again in South Lamar.  Check out the 1 bedroom, 1 bath (A2 plan) located at Cielo.  Now, although the sticker reads that these are $1435/mo, the price comes down to $1315 after the one-month-free special.

cielo table

Why This Deal Wins

Cielo’s current offering stands out amongst the surrounding properties. Not only does Cielo offer a tremendous price per square foot withicielo graphn the area, but the luxury apartment is also equipped with granite countertops and on-site elevators. However, perhaps one of the biggest selling points is Cielo’s 1-month free incentive; this reduces the overall rent by 8% and further increases this apartment’s great value. As a result, Kwelia ranks Cielo’s apartment a cool 70/100.

Coming up next Week….

Next week we’ll be covering the north area of Austin, delivering you the best, most recent deals that hit our radar. If you’re interested in staying up-to-date on the best real-estate prices feel free to join our mailing list.

Interested in seeing how your rent stacks up to your neighbors or looking to move soon? Sign-in to Kwelia and get the dirt on whether you’re paying the best price possible!

Note: Kwelia continuously acquires new data on a daily basis, giving you the most up-to-date overview on current apartment prices. Due to Kwelia’s daily updates, some of the Kwelia Scores mentioned may have changed. To see the latest Kwelia Scores, please sign-in.”

Does “Apartment Chopping” Make Sense?

I just read a thought-provoking article over at The Brooklyn Reader reporting that across Brooklyn property managers are chopping up existing apartments to add additional bedrooms. The basic logic of this makes sense–the more renters an apartment can support, the more potential income to be spent on increasing rents. However, the apartment will also become more cramped and less valuable on a “per renter” basis.

Naturally, I wanted to take a more data-driven look at this. I decided to use Bed Stuy as a case study, since it was one of the neighborhoods mentioned in The Brooklyn Reader’s article. Here are some median rent statistics for Bed Stuy in the last 60 days taken from our Competitive Intelligence product (click to enlarge):

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The spread in rent between one and two bedroom apartments in Bed Stuy is currently at $305 dollars. So, it seems at first glance that if you can inexpensively add a bedroom to an existing one bedroom, you should definitely do so. But, number of bedrooms is not the entire story in terms of apartment value. One bedroom apartments are more attractive to renters, at least in terms of what the market signals in terms of rent per square foot: $2.12 for one bedrooms vs. $2.00 for two bedrooms. So, you can expect to lose around 5.6% in per square foot value after converting a one bedroom to a two bedroom apartment in Bed Stuy, since the total number of square feet is not going to change.

Furthermore, the converted two bedroom is likely to have to closer to 800 sqft (the one bedroom median) than 1,000 sqft (the two bedroom median) since, after all, it used to be a one bedroom. Let’s split the difference and assume it’s a bigger one bedroom at 900 sqft.: that’s still 10% less than the median two bedroom, so we’re not going to end up with a full-sized two bedroom apartment.

Taking those adjustments into consideration, we can expect the actual increase in value to be much lower: $1,924 – (5.6% of $1,924) – (10% of the previous result) = ~$1,645. That’s only $26 more than the one bedroom average, and almost certainly not worth the cost of the conversion.

This is obviously a simplistic analysis, but I was skeptical that you could take an existing apartment that’s presumably been designed for a certain number of occupants, shoe-horn in an extra bedroom and get something substantially more valuable. The basic reason for this is that it does not take into account the fact that you’re not really adding value from the renter’s perspective, and what the renter is willing to pay for an apartment is all that really matters. You’d be better off adding nicer finishes, which do add a lot of incremental value (but that’s another post.)

This analysis is also specific to Bed Stuy, and it may actually make sense in other areas where the numbers look different–say where two bedroom apartments have a higher or similar per square foot value than one bedroom apartments, or where the difference in size between typical one and two bedrooms isn’t so pronounced.

If you want to dig deeper into this kind of data & analysis, check out the free trial of our Competitive Intelligence product!

 

Is the DC Apartment Market Fizzling?

Among apartment industry insiders, it is hardly a secret that Washington DC has been among the most impermeable markets since the housing bubble burst.  Considering that it’s home to the most recession-proof business on the planet (the Federal Government) and steadily teeming with young, diverse talent, this shouldn’t come as much of a surprise.  Beyond heavy demand for existing apartment stock, this market has seen a crazy new construction boom.  While the City Center project has received much of the national acclaim, there are several, several other new construction projects under development.  (see here).

Basic economics should help us conclude that these factors (resilient local economy, new construction, etc.) would lead to steadily increasing rents.  Put differently, stable demand and limited supply (hence the new construction) begets increased pricing pressure.  Despite this dynamic, however, recent reports have indicated the opposite effect.  As a matter of fact, one major report indicated that rents on class A (nicest with amenities) and B properties have actually decreased by a whopping 8% over the past year.  To dig deeper into these theories and substantiate some of these reports, we looked to our platform for some answers.

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Increased Median Price Per Feet

This is a screenshot from our Competitive Intelligence product, which shows an exponentially smoothed time series of the median price per square foot of all DC apartment listings we could get our hands on in this timeframe (extensively filtered, of course).

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According to this trend graph, rents have increased by 9% on a square foot basis from July of last year until now, moving from $2.43/ft to $2.65/ft.  So, it is safe to conclude that rents definitely have not gone down in DC, despite what some reports have suggested.

A Deeper Dive

But while the city-wide data is helpful to see some macro trends, anyone that tracks real estate knows that metro-wide reports can be misleading.  This is because such “broad-stroke” analysis can jumble together apartments of different types, classes, and locations, thus leading to bias.   After all, like politics, real estate is inherently local, isn’t it?

To try to eliminate some of this potential bias, let’s see these rent price trends on a more local level.  To help visualize this information on a more granular level, our Chief Data Scientist put together a heatmap showing rent price movements on a census tract level.  For how he was able to put this together, see here.

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Non-Uniform Rent Growth

Well these movements are rather interesting, aren’t they?  According to the legend on the right, blue shows positive change, while red shows negative change, with the darker colors indicating the gravest changes.  From this map, we can start to see that the growth in rents has not been uniform and has in fact been fairly disparate depending on the neighborhood (census tract).

Top Neighborhoods for Year on Year Growth

So where has the growth been the strongest?  From the map, certain neighborhoods like Woodley Park, the Columbia Heights/U Street area, Capitol Hill, and the Brentwood/Catholic University area jump right out.  Each of these neighborhoods had rent per square foot growth of somewhere between 27% and 30% in the past year.

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So Why the Growth Disparity among Neighborhoods?

So what gives?  Why have certain neighborhoods seen such tremendous rent growth, while others have not?  Well, to answer this question we only need to revisit the first paragraph of this post – new construction.  “Cranes are the most obvious signs of economic activity in the District today,” according to a recent WaPo article.  In 2011, developers broke ground on nearly 15,000 new residential units.  Late 2012 saw another 6000 units come live, which dwarfs the 2500 that New York City saw.

Increased Listing Volume

We have noticed this trend internally as well.  From last year to this year, we have seen 25% more listings come through our platform, which has to be a direct result of the new construction boom.

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Construction Hotbeds

What do these four neighborhoods (and others as well) have in common?  They’re all hotbeds for new construction activity.  While we’re not DC locals, it seems that some of these projects have gone live recently, thereby positively affecting rent prices.

More to Come in Future Posts

There were so many interesting insights from all of this data that we couldn’t fit them all into one post.  Stay tuned for more DC market analysis.

7.8% SF Rent Growth in Q2 Not As Clear Cut As It Seems

MPF Research recently reported a 7.8% jump in average rent in Q2, and that data was picked up in the WSJ today along with some anecdotes about the market conditions for renters, developers and landlords.

Naturally we looked to our data (above) to see if we could glean any additional insights beyond what’s already been reported. What we found was pretty interesting. Our data shows pretty much the same amount of rent growth in Q2, but the chart shows that the beginning of Q2 was actually the bottom of a rare downturn in San Francisco rents. Additionally, it seems that most of the growth happened in the first half of the quarter, and then rents flattened out a bit in the second half.

I think what this shows is that although the rent growth in San Francisco is robust, it’s not growing at rate of 7.8% per quarter. Perhaps more interestingly, although the general trend in the long term is up, rents seem to fluctuate up and down a bit in the short term.

The chart above (it’s actually a screenshot from our Competitive Intelligence product) shows an exponentially smoothed time series of the median price per square feet of all the apartment listings we could get our hands on in that timeframe. We’re indexing new listings every day and updating our time series in real time, so we’ll be keeping a close eye on this.

We’d love to hear your feedback on this post here, and as always you can check out our apartment deal ratings using our free service, RentMarket.