Miami Mortgage News

53- Apartment rates rising at a faster pace in Birmingham than Southeastern peers

April 3rd, 2017 4:03 PM by Nour Ailan

Apartment rates rising at a faster pace in Birmingham than Southeastern peers

New data sheds light on how rental rates in Birmingham are changing as a wave of new apartment units has come on line in the metro area.

A study from real estate website Apartment List shows that rents nationwide are beginning to level off after a few years that have included a frenzy of development of new luxury multifamily properties. On a year-over-year basis, national rents increased 2.4 percent. This is less than the 2.8 percent year-over-year growth in 2016 and the 3.7 percent year-over-year growth in 2015.

"With significant numbers of new units coming onto the market in many parts of the country, there are indications that renters will continue to experience at least a small amount of relief from the surging prices that they were faced with throughout the past few years," it said in the study.

In fact, rents are down in 19 of the 100 largest cities.

So what's happening in the Magic City?

Many large apartment developments have opened up in Birmingham in just the past year or so, including two phases of 20 Midtown, the Pizitz building, Thomas Jefferson Tower, Park 35 on Clairmont and several others.

Many of those developments are beginning to fill up with a steady number of residents moving back into the city center and city adjacent neighborhoods.

The same Apartment List study shows rents rose 6 percent year-over-year in Birmingham, which is considerably higher than several other Southeastern metros. Nashville increased by 3.3 percent, Memphis by 2.1 percent, and Atlanta by 2.4 percent.

Apartment List shows that the median two bedroom apartment price for Birmingham is $880, and the month-over-month price change was an increase of 2 percent.

Still, the multifamily picture for Birmingham is affordable in comparison to many other cities around the nation. Apartment List noted that some of the cities with the fastest declining rents are also the nation's most expensive.

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