Sin City’s projected 5,000 new apartment units for this year makes no noise nationally in the latest real estate craze. “In 2017, the ongoing apartment building-boom in the US will set a new record: 346,000 new rental apartments in buildings with 50+ units are expected to hit the market,” writes Wolf Richter on Wolf Street. That is three times the number of units that came on line in 2011.
Richter continues, “Deliveries in 2017 will be 21% above the prior record set in 2016, based on data going back to 1997, by Yardi Matrix, via Rent Café. And even 2015 had set a record. Between 1997 and 2006, so pre-Financial-Crisis, annual completions averaged 212,740 units; 2017 will be 63% higher!”
I’ve written before about the high-rise crane craze in Seattle, but that’s nothing compared to New York and Dallas, that are adding 27,000 and 25,000 units, respectively. Chicago is adding 7,800 units despite a shrinking population and rents decreasing 19 percent.
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5 comments:
Salisbury is about 80 to 95 percent rentals isn't it? (if you include the commercial properties)
Salisbury apartment life sucks! The owners have no idea what an apartment complex is should be, they just want money.
Where are all the people renting these $1200 plus a month apartments coming from,there are no jobs here that make that possible?It takes 20$ an hour to survive here.
1:24 PM When Marley Manor opened you had to meet a certain financial criteria. They couldn't rent the place out. Now they will take anyone. I am betting that a lot these places have a high vacancy rate. I know several people who have moved out of the apts behind the mall. That place is ill kept and has turned into a rat hole. Look close at the stairwell alcoves. Rotting wood, peeling paint, broken gutters.
Guess who the builder was
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