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This is Why Multifamily Developers Have Soured on the Sunbelt

This year Sunbelt apartment rent growth will be lower than that of gateway cities.

For years multifamily developers and owners have flocked to the Sunbelt cities to invest, drawn by the region’s fast-growing markets, great fundamentals and light regulatory touch. All that development, however, has taken a toll and this year, apartment rent growth in the Sunbelt markets is expected to be lower than that of Gateway cities, according to CoStar’s estimates. 

Rent growth for gateway markets will be fairly low, coming in at 1.4% for the end of the year, Joe Biasi, strategic consultant at CoStar Advisory Services, tells GlobeSt.com. But Sunbelt rent growth will be even lower at 0.04% growth, he says. 

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Erika Morphy

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