Market Research brought to you by Integra Realty Resources

IRR-Dayton Mid-Year Viewpoint 2015 Local Market Report - Multifamily

08/05/2015
Published By: Integra Realty Resources

Market Commentary

The multi-family sector throughout the Greater Dayton area and around the country has lead the real estate recovery over the last several years.  This may be attributed to the fact that more individuals were seeking apartment living due the depressed job market which was the partially the cause of a high rate of foreclosures in the single family market.  As a result, conditions within the multi-family market have rebounded significantly. 

New construction is occurring throughout the suburban markets>>.  It is anticipated that approximately 250+ additional units will be added to the market over the next three years.

The Dayton multi-family market will benefit from a stable to slightly growing population base and higher income and education levels.  Although the Dayton MSA experienced little or no change in the number of jobs over the past decade, job growth turned positive in 2011 and has remained so.

The Dayton area has maintained a generally lower unemployment rate than Ohio during this time, which is a positive indicator.  Moreover, the Dayton MSA exhibits both a higher rate of GDP growth and a higher level of GDP per capita than Ohio overall.  All of these factors will continue to support the current recovery.

The multi-family market has generally strengthened over the last four years.  The overall vacancy rate is currently estimated to be in the 5-7% range in the urban market and the 4-5% range in the suburban markets, which represents continued decline from the recent high of nearly 10.0% in 2006.  Absorption has been positive for a number of years.  Rents have increased significantly within the recent past driven by the low vacancy. 
Overall, the multi-family market has shown an upward trend recently.  With the improvement in the single family housing market, it is likely that the multi-family markets have reached their peak, with vacancy and rents leveling off moving forward. 

*****

Download the full version PDF of this Local Market Report below to see the charts, graphs, and tables not included above.

IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.

 

Release Date08/05/2015 - 14:30

Source

Integra Realty Resources

Want more news about Integra Realty Resources? Click here