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Not everyone is fleeing major metros during the pandemic. Remote office workers have largely driven the migration trend into the Sunbelt region. Essential workers, on the other hand, are staying put, helping to fuel strong fundamentals in affordable and workforce housing product. As a result, these housing segments have outperformed market-rate multifamily.

Avanath Capital Management, which closed its fourth fund last month with $760 million in capital commitments, is staying with its target demographic of renter-by-choice rather than following the investment trend into alternative markets. “We are in the top markets in the US, but we haven’t gone to Salt Lake City or Boise,” John R. Williams, president and CIO at Avanath, tells GlobeSt.com. “That is really a migration of people that can do that because they are renters by choice, not by necessity. Our group is renters by necessity. They probably couldn’t duplicate their job and lifestyle in another market.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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