Buyers Are Flooding Into These 10 Markets
Daily Real Estate News | Thursday, October 06, 2016
It’s a good time to be a real estate professional for those living in Fort Myers, Fla., or Austin, Texas. The two metros are seeing some of the largest influx of new residents moving in. But they’re not the only metros seeing a flood of new residents entering.
Read more: 5 Top Housing Markets for Jobs, Sales Growth
U.S. News & World Report recently culled Census Bureau data to examine population growth by net migration for the 100 largest U.S. metros from 2010 to 2014. Then, they ranked the metros based on the difference between those moving there and those moving away. The following 10 places topped its list as the ones gaining the most new residents:
1. Fort Myers, Fla.
Net migration rate (2010 to 2014): 9.36%
2. Austin, Texas
Net migration rate: 8.86%
3. Sarasota, Fla.
Net migration rate: 7.67%
4. Charleston, S.C.
Net migration rate: 6.49%
Net migration rate: 6.37%
Net migration rate: 5.43%
7. San Antonio, Texas
Net migration rate: 5.36%
8. Raleigh-Durham, N.C.
Net migration rate: 5.35%
Net migration rate: 5.05%
Net migration rate: 5.02%
Two of the top 10 cities ranked by Forbes magazine as the fastest-growing in the U.S. are in the Sunshine State: Orlando at No. 7 and Cape Coral at No. 10.
Cities to watch: 2016’s fastest-growing places
JERSEY CITY, N.J. – March 21, 2016 – After being overthrown last year by Houston, Austin regains the No. 1 spot as the fastest-growing city in the U.S., according to a new analysis by Forbes. Adding to its allure, Austin boasts booming technology, pharmaceutical and biotech industries as well as low-cost of living.
Forbes.com compiled its annual list of America’s Fastest-Growing Cities by ranking the 100 largest metro areas and their surrounding suburbs. For its rankings, they factor in population growth for 2015 and 2016, year-over-year job growth for 2015, the metro’s economic growth rate, unemployment, and median annual pay for college-educated workers in the area.
The following cities topped Forbes’ list as the fastest-growing populations and economies (included below with each city’s population growth for 2015 and projected growth rate for 2016):
- Austin, Texas 2015 population growth rate: 3.15% 2016 projected growth rate: 1.56%
- San Francisco, Calif. 2015 population growth rate: 1.24% 2016 projected growth rate: 0.77%
- Dallas, Texas 2015 population growth rate: 2.16% 2016 projected growth rate: 1.58%
- Seattle, Wash. 2015 population growth rate: 1.68% 2016 projected growth rate: 1.34%
- Salt Lake City, Utah 2015 population growth rate: 1.05% 2016 projected growth rate: 1.40%
- Ogden, Utah 2015 population growth rate: 1.64% 2016 projected growth rate: 1.37%
- Orlando, Fla. 2015 population growth rate: 2.31% 2016 projected growth rate: 2.03%
- San Jose, Calif. 2015 population growth rate: 1.27% 2016 projected growth rate: 0.93%
- Raleigh, N.C. 2015 population growth rate: 2.28% 2016 projected growth rate: 1.44%
- Cape Coral, Fla. 2015 population growth rate: 2.84% 2016 projected growth rate: 2.15%
Source: “America’s Fastest-Growing Cities 2016,” Forbes.com (March 8, 2016)”
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Cape Coral Makes 24/7 Wall St. List of Top 50 Cities to Live in the United States.
Rents growing 5% yearly – more in some Fla. cities
ORLANDO, Fla. – May 20, 2015 – Rent growth in the national apartment market is on a streak not seen for almost four years, according to Axiometrics. Annual effective rent growth for the U.S. apartment market in April 2015 remained steady at 5 percent.
It’s the third straight month it has been at or above 5 percent, and it’s the highest April rate since at least 2009, when Axiometrics began reporting the metric monthly.
In the first three months of the year, rents grew at their highest rate since the third quarter of 2011.
“Though the rate of rent growth has been steady the past several months, the fact that rents are rising at a 5 percent annual clip points to an extremely robust apartment market,” says Stephanie McCleskey, Axiometrics Vice President of Research. “The absorption of the large amount of new supply, fueled by increasing job gains, has been a boon for landlords and property owners – not to mention apartment investors.”
Annual effective rent growth did not reach 3 percent until March 2014, 4 percent until August 2014, and 5 percent until December 2014.
“If the market sustains this trend of 5 percent rent growth, 2015 would exceed the surprisingly strong year of 2014 as the highest-performing year of the recovery,” McCleskey says. “However, we still believe that rent growth rates will moderate as the year progresses.”
The national occupancy rate was 95.2 percent in April, an increase from March’s 94.9 percent. Occupancy last reached 95.2 percent in August 2014, the first time it had attained this level since Axiometrics began reporting occupancy rates monthly in April 2008.
“Axiometrics considers properties and markets full at 95 percent occupancy,” McCleskey says. “So, in essence, the national apartment market is full and in need of even more new supply, even though a record number of new units have been identified for delivery this year. Of course, individual markets differ, and there are some metro areas in which new supply is exceeding demand; but overall, the outlook is strong for the apartment industry.”
Florida cities’ rent growth
Eight California markets were among the top 17 markets with the highest annual effective rent growth in April within Axiometrics’ top 50 markets, based on total units, but three Florida cities ranked near the top of the list in April for “effective rent growth”:
- Orlando: 6.7% rent growth, 95.6% occupancy rate
- West Palm Beach: 6.4% rent growth, 95.5% occupancy rate
- Fort Lauderdale: 6.3% rent growth, 95.8% occupancy rate
In addition, Axiometrics noted other hot markets that saw even higher percentage increases, including:
- Naples: 10.2% rent growth, 97.7% occupancy
- Cape Coral: 10.2% rent growth, 97.3% occupancy
- Deltona: 9.0% rent growth, 96.5% occupancy
Orlando had the biggest rise among the top 17 markets in April, moving from No. 15 in March to No. 10 in April; West Palm Beach had the steepest decline, dropping from eighth place in March to No. 14 in April.
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