Sometimes what seems to be good news for commercial real estate isn't. The industry often doesn't move with trends, but lurches, not making turns in time and compounding that is the repeated reminder that average hardly applies anywhere.
A case in point is a RealPage blog post on a 2024 employment forecast. "Among the nation's 50 largest apartment markets, 26 markets are expected to see 2024 job growth above the U.S. average," they wrote. And that means that 24 markets will be either at average (0.9%) or below average job growth.
At the top are Austin (1.8%), Las Vegas (1.7%), Houston (1.6%), Orlando (1.6%), Phoenix (1.6%), and Dallas (1.5%). Then they offer five major apartment markets that are below average at 0.5%, the "weakest job base expansions among the nation's largest markets": St. Louis, Pittsburgh, Milwaukee, Detroit, and Cleveland.
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