Excerpt from the 3Q19 Witten Advisory: The above chart updates us on the homeownership rate, which edged slightly lower in 2Q19 to 64.2%, seasonally adjusted. That’s a smaller drop than in 1Q, and we’d expect Q3 to reverse to a small increase in homeownership as the benefit of low mortgage rates works through the markets. …
3Q19 Witten Advisory Excerpt: The supply picture varies dramatically across local markets, as shown in this graphic. Charlotte leads the nation at a 5% rate, which is down from the 6% pace at the same time last year. Salt Lake City surged into second place as its starts rate ramped past 4½%, nearly 2 points…
3Q19 Witten Advisory Excerpt: The above chart shows that demand had been running at a yearly rate of about 200,000 units from 2015 into 2018. However, leasing soared late last year to an annual run-rate of 250,000 and has remained near that level for the past four quarters. More importantly, move-ins have surpassed net deliveries…
2Q19 Witten Advisory Excerpt: With occupancy rising in so many markets, pricing power improved in most, as seen in the above table. That’s especially true for the leaders, with Las Vegas and Phoenix pushing rates by nearly 8% and gaining momentum. Atlanta increased rents by close to 5%, while the Inland Empire, Jacksonville and Orlando…
