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What Are The Top Markets For Small Asset Multifamily Rent Growth

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Though large coastal metros have the highest rent levels, some smaller secondary markets have been experiencing steeper rent increases/ Here are the most expensive metros for renters:

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What Are The Top Markets For Small Asset Multifamily Rent Growth

  1. 1. WHAT ARE THE TOP MARKETS FOR SMALL ASSET MULTIFAMILY RENT GROWTH? Though large coastal metros have the highest rent levels, some smaller secondary markets have been experiencing steeper rent increases. The average monthly rent for small properties across the top 20 metro areas was just above $1,100 in 2014. Large coastal metros dominate the list of the most expensive small asset rental markets, as well as for large properties and the US overall. The gateway markets of San Francisco, New York and Washington DC are the three most expensive metros with rents at small properties ranging between $1,300 and $1,500. The Most Expensive Metros for Renters Large Assets (50+ units) Small Assets (5-49 units) $500 $750 $1,000 $1,250 $1,500 Small Asset Rent Vs. Large Asset Rent San Francisco Washington DC New York San Diego Los Angeles Boston Baltimore Top 20 MSA Average Seattle Miami Philadelphia Denver Chicago Tampa Portland Atlanta Houston Dallas Phoenix Detroit Minneapolis Rents in smaller properties increased at an average annual rate of 2.6% between 2010 and 2014. Denver (4.9%), Seattle (4.1%) and San Francisco (4.0%) showed the fastest growth in small asset rents. In San Francisco and New York, rent growth was stronger in small properties than large ones, which may reflect the impact of rent-stabilized or rent-controlled apartments. The Markets With the Highest Rent Growth Rent Growth — Small vs. Large Assets 0% 2% 4% 6% Denver Seattle SanFrancisco Boston Portland NewYork Chicago Baltimore LosAngeles WashingtonDC SanDiego Dallas Houston Phoenix Miami Detroit Atlanta Minneapolis Tampa Philadelphia Small Assets (5-49 units) Large Assets (50+ units) Small balance multifamily loans are typically between $1 million and $5 million. Chandan Economics defines small-cap properties as 5 to 19 units, mid-cap properties as 20 to 50 units, and large-cap properties as larger than 50 units. Both small-cap and mid-cap properties can fall into the small balance spectrum. Source: American Community Survey; Chandan Economics See the full report on ALEX Chatter here: www.arborloanexpress.com/chatter

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