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With sites in the gateway markets selling for sky-high prices and potential yields seeming to shrink by the quarter, where should you build your next project? Following population growth is always a good idea, and a newly released study from Penske Truck Rental shows the cities where the most Americans have moved to in 2016. The study was put together by analyzing one-way moving truck reservations made through Penske’s website. Here are the results.
The city offers a pleasant climate, with average temperature at 59.8 degrees Fahrenheit, and relatively affordable apartment rents, at $1,169 a month. Median household income in Charlotte totals $54,836 a year, a little below the nationwide figure of $56,516 a year.
While Houston, whose business sector relies heavily on the oil industry, fell from the number seven spot it held in the ranking last year, it still came in as the ninth moving destination in the U.S. in 2016. Median apartment rent in the city is at $1,392 and the median household income totals $61,465 a year.
The Seattle-Bellevue area received a score of 48.0. The supply of life sciences space here totals 9.7 million sq. ft. The vacancy rate is currently at 5.5 percent, and asking rents average $22.03 per sq. ft.
The home of Disney World, Orlando attracts new residents with its warm climate, with an average temperature of 73.4 degrees Fahrenheit. Median apartment rent in the city is $1,322, while the median household income totals $51,077 a year.
Another Florida stronghold, the Tampa/Sarasota area has median rents of $1,264 a month and median household incomes of $51,305 a year.
Like Seattle, Denver boasts a high median household income at $70,283 a year, but much more affordable apartment rents, at $1,577 a month. It is also one of the sunniest cities in the U.S., with roughly 300 days of sunshine a year. Perhaps as a result, Denver climbed up two spots in the rankings since 2015.
The median apartment rent in Phoenix is $1,055 a month and the median household income totals $55,547 a year.
Dallas/Fort Worth also climbed up two spots in the rankings since 2015, to number two. Median rents in the city are at $1,148 a month, while the median household income totals $60,410 a year.
Atlanta held onto its number five spot again this year, with $7.13 billion in sales during the first half of the year, which represented an 18 percent year-over-year increase. Population growth and a more affordable cost of living are two of the factors attracting investors to southeastern U.S. markets such as Atlanta.
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