Top 10 Apartment Markets in 2013
Metropolitan cities all over the nation have been constructing more apartment buildings to meet the demand for rentals. What are your guesses for the most active rental markets in the nation? Real Capital Analytics, a provider of commercial property investor data, revealed the top 10 most active apartment markets so far for 2013.
Not surprisingly, Manhattan takes first place, boasting $1.8 billion in sales volume for the first half of the year. Tying for second are Los Angeles and the Washington D.C. area at $1.5 billion each.
Markets that didn’t make the top 10 list but still saw a very active apartment market this year are the Maryland suburbs of Washington D.C. (12th place, $675 million in sales) and Las Vegas (15th place, $507 million in sales). This is great news for Las Vegas, a city that was hard-hit by the recession, which hasn’t ranked this high in more than eight years. Orlando, which made 9th place in the top 10 most active apartment markets, saw a significant increase in transaction volume this year, up 144 percent – the city was ranked 28th most active market last year.
Top 10 Apartment Markets for the First Half of 2013:
1. Manhattan: $1.8 billion
2. Washington, D.C. area: $1.5 billion
2. Los Angeles: $1.5 billion
3. Dallas: $1.356 billion
4. Houston: $1.351 billion
5. Atlanta: $1.315 billion
6. Phoenix: $975 million
7. Chicago: $911 million
8. Denver: $840 million
9. Orlando: $809 million
10. Seattle: $767 million
If you head over to the Real Capital Analytics website, you can see the top 20 apartment markets for the past 12 months, as well as the most active buyers and sellers in the rental market.