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New York
Axiometrics prez Ron Johnsey (seated) and VP Jay Denton
New York was one of the hardest-hit markets during the downturn, but multifamily has made a huge comeback—its 9.4% rent growth in ’10 brought it to 7th out of the top 88 markets, we learned from Dallas-based Axiometrics VP Jay Denton and prez Ron Johnsey, whose firm tracks multifamily projects on a monthly basis with a monstrous database allowing clients to quickly pick up on trends (so no waiting for Perez Hilton to give ‘em the low down). Ron tells us that annual growth is off of last year’s pace at 6.6% in July, but it is still beating the US average of 5.5%. And New York has the highest number of multifamily units permitted in the US over the last year. Still, the total of 9,979 units is well below the peak of 34,526 units permitted in ‘08.
NYC Skyline
Ron says it was like a light switched on in January '10 when the US apartment market started recovering. “We saw increases accelerating in occupancy and rent growth, which is usually indicative of a very strong market,” Ron says. The problem: Amid anemic job growth, renters grew to a tune of one million new households from Q1 '10 to Q1 '11. Couple that with a very limited supply, renters moving into smaller places, fewer move-outs to home ownership, and people staying put because of the uncertain economy. Rent growth is projected to average 4.4% per year between now and '15. That indicates some pretty good job security for Ron, who has many mouths to feed: six dogs and two cats. Jay also likes feeding: we're told he's a backyard BBQ king.
Related Topics: Ron Johnsey, Perez Hilton