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Axiometrics: Apartment Supply by Market and Renter Occupations
Axiometrics has released data on the top markets for new apartment supply coming online. Baby boomers and millennials represent the majority of apartment renters, and as such, work/live/play environments are desired. Therefore, the urban core is where development is on the rise, and out of the top six markets with most new units coming online, five of them are urban. They are as follows, with 2017 new unit supply listed:
- Atlanta – 6,026
- New York – 7,280
- Nashville – 3,634
- Dallas (Suburban) – 3,227
- Houston – 5,262
- Seattle – 5,936
According to the data, urban submarkets have the highest rents; therefore, white-collar workers are the most likely residents of urban-core apartments. Management, business, science, and arts occupations, as well as those with sales and office positions, make up the majority of the renter pool.
