Technology

Radix Q2 Rental Housing Trends Project Weak Leasing Season

Published

5 months ago

June 12, 2024

Key market indicators remain flat or in year-over-year decline for more markets

SCOTTSDALE, Ariz., June 12, 2024 /PRNewswire-PRWeb/ — Radix, a pioneer in multifamily market research, performance and data analytics, today released its monthly results for leasing and traffic analysis, as well as updated industry projections for 2024.

The rental housing industry has seen a slight uptick in rent and occupancy growth so far in Q2 — typically the peak leasing season — but the pace of improvement is muted compared to seasonal norms. While apartment operators may continue to see rents and occupancy rates moderately rise through mid-summer, before leveling off, the continued supply pressure indicates that multifamily will likely end the year with negative annual rent growth.

Select markets have proven resilient to current trends. Major metros like Washington, D.C., Boston and Chicago have demonstrated growth rates closer to long-term averages. Several other markets in the mid-Atlantic, Northeast and Midwest are performing much better than the national average, as well. Isolated submarkets in some of the weaker metros have shown stable growth, too. Larger markets with notable oversupply have a longer road to stabilization. For example, Atlanta, Raleigh, and Austin need substantial rent growth improvement just to reach industry norms. At the end of May, rents were down more than 5% from the prior year in each of those markets compared to the national average of a 1.5% decline.

Likewise, occupancy, which concluded Q1 2024 at 93.9% for the U.S., showed minimal improvement and essentially flat growth since the end of last quarter. The industry averaged 94.6% occupancy from 2018 to 2023, a rate generally considered “full” by the industry, but new supply is challenging operators to reach previous norms. More than 610,000 multifamily units, or 2.2% of existing stock, were delivered in the U.S. in the 12 months ending May 2024, close to a 40-year high. Occupancy is forecasted to remain near the current level through the end of the year.

The U.S. numbers mask the underlying differences based on location. Nine markets had occupancy rates of 95% or higher. New York, San Jose, Washington, DC and Boston were among the highest occupied markets, and their inventory growth averaged 2.1% for the year ending in May. On the other end of the scale, four markets had an occupancy rate of 93% or lower, including: Dallas, Austin, San Antonio, and Atlanta. Those markets had an average inventory growth of 5.0%, more than double their top-performing counterparts. For those metro areas, a strong leasing season was needed to absorb the new stock.

“The second and third quarters have the strongest demand for leases in multifamily; it’s like clockwork every year. The normal seasonal surge hasn’t happened to the same degree this year, and we are seeing very flat growth rates,” said Jay Denton, Chief Economist at Radix. “The positive news is that performance is at least holding steady as the massive wave of supply continues to hit the market. The question is what happens in the fall, especially if the economy softens. We are currently projecting rents to decline 1.1% this year at the national level, and even that could continue to decline if the job market softens.”

Leading indicators, such as traffic counts, do not hint at major improvement this year. Traffic counts have lagged behind last year’s pace by approximately one tour per week. While that number might not sound like a lot, it adds up throughout the year and ultimately results in the loss of more than a full month of tours on a cumulative basis.

Weaker tour counts typically equate to fewer new leases, which limits occupancy growth and rents. The main reason occupancy has held steady despite new supply is an industrywide emphasis on resident retention.

Radix predicts a more balanced market in 2025 as the level of new supply begins to moderate. Performance metrics are projected to improve, and more locations will switch from a contraction in rent growth and occupancy to recovery and expansion.

“The economy will be the wild card,” Denton said. “But 2025 is shaping up for growth rates closer to what we saw before the pandemic.”

About Radix

Radix is a market insights platform designed specifically for the multifamily housing industry to provide actionable data and analytical tools that allow owners and operators to accurately assess and strengthen their position in the competitive marketplace. Since its inception in 2016, the Radix platform focuses on streamlining the data analytics process to save time and money, while creating greater data consistency and broader collaboration within the organization. The Radix Renters’ Portal also provides equal market visibility for apartment seekers, creating unprecedented transparency for all parties. Radix provides unique, intuitive insight on complex and ambiguous data, empowering users to improve performance through more informed decisions.

Media Contact

Marlena DeFalco, Radix, 1 303-682-3943, marlena@linnelltaylor.com, www.radix.com

View original content to download multimedia:https://www.prweb.com/releases/radix-q2-rental-housing-trends-project-weak-leasing-season-302170282.html

SOURCE Radix

Technology

Gentoo Media – Mandatory notification of trade

Published

34 minutes ago

November 14, 2024

ST JULIANS, Malta, Nov. 14, 2024 /PRNewswire/ — MJ Foundation Fundacja Rodzinna, a company related to Mateusz Juroszek, Board Member and primary insider of Gentoo Media Inc. (Gentoo) has today acquired 115,604 shares in Gentoo at a price of SEK 24,996 per share. After this transaction, close associates of Mateusz Juroszek hold 24,027,766 shares in Gentoo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For further information, contact:
Tore Formo, Group CFO, tore.formo@g2m.com, +47 91668678

About Gentoo Media

Gentoo Media is a market-leading affiliate connecting operators and players in the online gambling and sports betting industry. Gentoo Media offers an array of iGaming affiliate solutions, such as paid marketing expertise and quality traffic through our prominent industry sites including AskGamblers, Time2Play, CasinoTopsOnline, WSN and Casinomeister. In 2024, Gentoo Media (formerly GiG Media) became Gentoo Media Inc. following a legal split separating the Media and Platform and Sportsbook business in Gaming Innovation Group (GiG) into two independently listed companies. Gentoo Media Inc. is dual listed on the Oslo Stock Exchange (ticker “G2MNO”) and Nasdaq Stockholm (ticker “G2M”). www.gentoomedia.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/gentoo-media-inc/r/gentoo-media—mandatory-notification-of-trade,c4066199

View original content:https://www.prnewswire.co.uk/news-releases/gentoo-media—mandatory-notification-of-trade-302305030.html

Technology

Xinhua Silk Road: World IoT expo 2024 opens in E. China’s Wuxi to showcase future of smart connectivity

Published

34 minutes ago

November 14, 2024

BEIJING, Nov. 14, 2024 /PRNewswire/ — The World Internet of Things (IoT) Exposition 2024 kicked off on Monday in Wuxi City of east China’s Jiangsu Province, attracting industry leaders, representatives of enterprises and experts from across the globe to discuss industry trends and demonstrate innovative applications.

At the expo’s opening ceremony, Wuxi unveiled a national pilot project in intelligent connected vehicles, which aims to create a cohesive mode for car owners, vehicles and cities connection, contributing Wuxi’s expertise to smart vehicle initiatives.

Additionally, a new smart sensing chip engineering center was launched, representing an investment of over 1 billion yuan and focusing on high-density large-scale substrates and other advanced chip technologies to strengthen the city’s integrated circuit development.

The event also saw the release of several major IoT research achievements, including the 2024 IoT innovation development Taihu index and the 2024 white paper on advanced sensing technology and applications.

The three-day event features exhibitions, panel discussions, and thematic sessions that showcase the latest development in IoT innovations and applications. This year’s expo is poised to drive Wuxi’s high-quality growth in IoT while promoting global tech collaboration and knowledge sharing in the IoT field.

Wuxi has become a navigator of the IoT industry in China. The latest statistics show that in 2023, the scale of the IoT industrial cluster in Wuxi surpassed 450 billion yuan, taking the lead in Jiangsu Province.

Original link: https://en.imsilkroad.com/p/343117.html

SOURCE Xinhua Silk Road

Technology

Agoda Highlights Five Urban Hikes for Adventurous Travelers

Published

34 minutes ago

November 14, 2024

SINGAPORE, Nov. 14, 2024 /PRNewswire/ — Digital travel platform Agoda introduces five urban hikes across Asia, offering travelers a chance to experience the perfect blend of city life and nature. These hikes, ranging from family-friendly to more challenging trails, provide an unmatched perspective on some of Asia’s most dynamic cities.

Whether it’s Elephant Hill in Taipei, with its stunning views of the Taipei 101, or Hong Kong’s famous Dragon Back, active travelers are in for a treat when embarking on these city hike adventures.

Andrew Smith, Senior Vice President, Supply at Agoda said: “Asia is special to have so many incredible hike routes right in the heart of these popular cities. The five highlighted hikes are just a sample of the many breathtaking city trails the continent has to offer. Adventurous travelers will want to try them all and thankfully Agoda helps make travel affordable with great value deals on over 4.5 million properties globally.”

These are the five city hikes, ranked from easiest to most challenging:

Kuala Lumpur’s Bukit Nanas Forest Reserve offers a unique experience of trekking through a tropical rainforest right in the city center. The trail is relatively easy, with well-marked paths and informative signboards about the local flora and fauna, making it a great choice for families and nature enthusiasts.

Elephant Hill in Taipei offers a short but rewarding climb. The trail is well-maintained and provides stunning views of Taipei’s skyline, including the famous Taipei 101. It’s an ideal spot for those looking to enjoy a quick escape into nature without straying far from the city.

In Singapore, the Southern Ridges trail offers a moderate hike through a series of interconnected parks and gardens. Spanning 10 kilometers, this trail provides a lush green corridor amidst the urban environment, with highlights including the Henderson Waves bridge and panoramic views of the city.

Namsan in Seoul presents a slightly more challenging hike, leading to the N Seoul Tower. The trail is popular among locals and tourists alike, offering a mix of natural beauty and cultural landmarks, with several routes to choose from depending on the desired difficulty level.

Finally, Hong Kong’s Dragon’s Back is a favorite for its breathtaking views of the coastline and the South China Sea. This moderately challenging hike is known for its undulating ridges and scenic vistas, providing a rewarding experience for those willing to tackle its ups and downs.

In each of these city hike destinations, Agoda offers great value accommodation. In addition to holiday properties, Agoda’s 130,000 flight routes and 300,000 activities ensure the platform is the one-stop travel solution to help booking an entire trip. The latest Agoda deals can be found in the Agoda app or on agoda.com/deals.

— ENDS —

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/agoda-highlights-five-urban-hikes-for-adventurous-travelers-302304670.html

SOURCE Agoda

Coin Market5 days ago

Trump win drives Bitcoin to $76K, PlanB sets $500K target

Near Videos5 days ago

[REDACTED] Day 1 – Reclaim Your Sovereignty

Technology4 days ago

CloudOne Digital Appoints Packet Cofounder and Former Equinix Executive Zach Smith to Board of Directors to Drive Growth in Bare Metal and Hybrid-Cloud Solutions