Place-making opportunities in these hot multifamily markets
Happy New Year! We cannot wait to dive into 2020 and bring our clients some fresh ideas and renewed energy for branding and marketing. To kick off the year, we’ll spend the next several blogs discussing the idea of place-making and how multifamily companies can lead that charge. To begin, we take a look at some of the hot multifamily markets that show extra promise this year.
In short, place-making means creating a sense of life and vibrancy within a community. Multifamily properties often serve as a hub of place-making as their residents live, play and work in urban and suburban centers. Iconic places that spring to mind include areas like New York’s Greenwich Village or San Francisco’s Haight-Ashbury. We don’t even need to offer you a list of adjectives or qualities for those neighborhoods because their reputations precede them.
However, sought-after places aren’t limited to mega metropolises. In fact, some of the hottest markets in recent years have been in metro areas with fewer than two million people, and several suburbs have risen to famed status.
With that in mind, take a look at just a few of the areas attracting the most attention from renters and multifamily developers this year:
Las Vegas, Nevada
Sin City has shown strong rental growth in the past year, supported by a booming economy. The metro area continues to add jobs as it expands its tourism, arts and culture and sports endeavors (the Raiders will be moving to Vegas once the Las Vegas stadium is complete). While this city’s reputation centers on gambling, new residents flock here for its climate and job opportunities in other sectors as well.
With a vibrant music scene and a climate and tax environment (no income tax!) attractive to retirees, Memphis has posted its strongest growth in four years. Renters across age demographics are seeking apartment homes in this Sun Belt city.
Keeping Austin weird has certainly paid off for this Texas city. People love this area’s vibe and want to live there. It has also attracted the attention of leading companies, such as Apple, which continue to add jobs and grow the city’s economy.
Raleigh-Durham, North Carolina
Family-friendly and famous or its gorgeous oak trees, Raleigh and its neighbor Durham, attract new residents with healthy quality of life and a dose of southern charm. The area also attracts leading high-tech and life sciences firms.
Colorado Springs, Colorado
We’re biased because we live in the state, of course, but we’re not surprised when any Colorado cities make these lists. It’s beautiful here and the lifestyle can’t be beat. Colorado Springs has a strong economy, with unemployment at a low 3.1 percent, and it continues to attract new residents in all age groups. The 55+ market continues to grow here, so it offers a great opportunity for multifamily managers to cater to that group.
(Sources: CBRE, NREI, Mashvisor, Millionacres, Kiplingers)
Marketing the Magic of Place
The list above features a diverse array of cities and suburbs that commercial real estate experts have ranked based on a variety of factors, including rent growth, cap rates, regulatory environment and more.
In our world, from a marketing and branding perspective, the overall vibe of a place also plays an important role. While you can’t always measure the atmosphere or personality of a place in hard numbers, you definitely know it when you feel it. In our work, we strive to convey that intangible feeling about a place in every piece we produce. We will talk more about that in future blogs.
To learn more about our hands-on approach to multifamily marketing and branding, contact us. We can take your marketing strategy from blah to brilliant and help you produce results.