Palo Alto, Calif.-based Marcus & Millichap released a series of reports on apartment markets throughout the country. The studies examine such varied markets as San Diego; Portland, Ore.; Atlanta and northern New Jersey. The detailed reports offer a wide range of information that covers population numbers, income levels, job growth, vacancy rates and sales activity. The following is a small collection of some of the many interesting facts and observations contained in the studies:
* Examining the Inland Empire market, Marcus & Millichap reports that the combined population of Riverside and San Bernardino counties, which make up the area, will grow by 7.6% to 3.36 million residents from 1998 to 2003. During the same period, the average annual household income is projected to grow 6.6% to $50,269. "If these statistics hold, and demand for single-family homes continues to outstrip supply, apartment owners are sure to reap the benefits," the report notes.
* In regards to the Seattle/Puget Sound market, Marcus & Millichap finds 19,000 new apartment units will enter the market from 1999 to 2001. However, the report warns, "It is likely, given slower economic growth this year and next, that not all projects scheduled for completion through 2001 will thrive. Also, the listing of the Chinook salmon as a threatened species, under the Endangered Species Act, will slow or change some development now in the planning stage."
* The average apartment values in metropolitan San Francisco are $115,000 per unit and $154 per sq. ft., "making it the most expensive apartment market in the nation," the report adds. Also, the number of sales has increased significantly in the East Bay area. In the first six months of 1999, there were 109 transactions in the area; compared to 77 during the same period in 1998.
* In the Fort Lee/northern New Jersey market, approximately 2,200 apartments were authorized in 1998. That figure is a 33% increase from the nearly 1,500 units authorized in 1997 and is nearly half of the units approved in the whole state in 1998.
In an age when it seems like there is so much information out there it is nearly impossible to keep track of it all, Marcus & Millichap has culled together important and varied statistics in a very convenient format. In doing so, the company has provided a revealing look into some of the country's most interesting apartment markets.