One of the advantages that the Sun Belt offered CRE investors has been bigger opportunities, especially in the critical multifamily sector. But that may be slipping away, according to new information out from data and analysis provider Markerr.
According to its 2Q22 REIT Roundup, in which it looks at multifamily, for the first time since the pandemic onset, year-over-year revenue growth was higher in coastal apartments, at 13.1%, than in the 12.4% for Sun Belt apartments. "However, Coastal Markets benefited from the easier comp period as well as the normalization of bad debt," the firm added.
Major apartment REITs across the board raised their guidance but did warn of a slower second half of the year. On average, they projected about 11% growth for the full year.
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