Los Angeles apartment sector takes top marks
Several apartment markets with favorable supply and demand and high rankings in other performance gauges made large moves to ascend to the top spots in the 2017 National Multifamily Index by Marcus & Millichap.
Los Angeles advanced from 11th place last year to claim the highest position in 2017, supported by a forecast of further tightening in the apartment vacancy rate and minimal supply growth.
Robust job gains propelled the seven-rung rise of Seattle-Tacoma (No. 2), and Boston (No. 3) also executed an advance of seven places on its strong job market.
Minneapolis-St. Paul (No. 4) posts the lowest vacancy rate among all U.S. apartment markets and is the highest-ranked Midwest metro for apartment performance.
Oakland, Calif., (No. 5) rounds out the top five and initiates a run of West Coast markets. Portland, Ore., (up two spots to No. 6) sports low vacancy and high rankings in other factors, while San Francisco (No. 7) and San Jose (No. 8) were downg