Technology

Radix Q2 Rental Housing Trends Project Weak Leasing Season

Published

3 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

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SOURCE Radix

Technology

Huawei Launches All-New Xinghe Intelligent Campus with Full Upgrades, Maximizing Enterprises’ Intelligent Productivity

Published

54 mins ago

September 21, 2024

SHANGHAI, Sept. 21, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, the Xinghe Intelligent Campus session was successfully held, attracting more than 200 industry pioneers, experts, and scholars from around the world to explore campus network trends and technological innovations. Also at the event, Huawei unveiled its all-new Xinghe Intelligent Campus Solution that stands out for full upgrades to wireless, application, and operations & maintenance (O&M) experience.

Shawn Zhao, President of the Campus Network Domain, Huawei’s Data Communication Product Line, said, “As video conferencing, AI terminals, and AI applications become more widespread, the campus network access density has increased threefold, and the demand for bandwidth has grown tenfold. In this case, users place new requirements on the assurance for AI applications and audio/video services while expecting more intelligent O&M.”

To meet these needs, Huawei launched its all-new Xinghe Intelligent Campus Solution with full upgrades. Specifically, this solution upgrades wireless experience in performance, roaming, and IoT convergence. It also leverages X-Scheduler (an experience scheduling engine) to upgrade application experience, while drawing on AI-assisted decision-making and a tidal prediction algorithm to upgrade O&M experience. These help customers build an industry-leading digital infrastructure and facilitate the digital and intelligent transformation of enterprises.

In addition, the solution provides end-to-end security assurance. On the wireless side, the innovative Wi-Fi Shield technology radically prevents packet eavesdropping on the air interface. On the wired side, the full-link MACsec capabilities from switches to APs ensure secure campus network data transmission since the very beginning.

Also at the session, leading analyst firms, customers, and partners in various industries shared their unique insights, best practices, and successful cases. Key speakers include Sian Morgan, Research Director of Dell’Oro Group; Dr. Haitham S. Hamsa, Professor of Information Technology, Cairo University; Shang Qun, Assistant to the Director of the Computing Center, Peking University; Sun Pan, Director of Infrastructure Operations Dept, System Digitalization Dept, FAW Group; Connee Zhang, CEO of CypressTel. Their valuable practices will provide a unique reference for the digital and intelligent transformation of enterprises across industries.

Looking ahead, Huawei believes that the Xinghe Intelligent Campus Solution will become the preferred choice for global enterprises’ digital and intelligent transformation to reap more benefits.

For more information about Huawei’s Xinghe Intelligent Campus Solution, visit https://e.huawei.com/en/solutions/enterprise-network/campus-network.

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SOURCE Huawei

Technology

Duplicate File Finder from Nektony goes global: Now available in six languages

Published

55 mins ago

September 21, 2024

Nektony proudly announces the release of Duplicate File Finder version 8, featuring six additional languages and the highly anticipated Dark Mode.

ODESA, Ukraine , Sept. 21, 2024 /PRNewswire-PRWeb/ — Nektony is excited to unveil Duplicate File Finder version 8, a powerful tool designed to help users efficiently find and remove duplicate files on their Macs, freeing up valuable disk space and improving system performance.

With the latest update, Duplicate File Finder is now accessible to an even broader audience, thanks to its new multilingual support. In addition to localization, version 8 introduces Dark Mode.

With the latest update, Duplicate File Finder is now accessible to an even broader audience, thanks to its new multilingual support:

FrenchItalianUkrainianRussianChineseGermanSpanish

The addition of these languages ensures that users around the world can navigate and utilize the app in their native language, making the process of cleaning up duplicate files even more intuitive and user-friendly.

In addition to localization, version 8 introduces Dark Mode, allowing users to switch to a darker interface that’s easier on the eyes, especially in low-light environments. Dark Mode not only enhances visual comfort but also provides a modern and stylish look to the app, aligning with macOS’s native Dark Mode functionality.

Best strengths

Accurate byte-to-byte resultsFinding all types of duplicate filesSupport of any drive type, Photos, and Music librariesThe Auto Select feature to quickly select all duplicatesFinding similar photos and musicComparing and merging foldersCleaning up duplicates from similar foldersChecking two files to see whether they are duplicates

Availability:

Duplicate File Finder v.8 is available for download from the Mac App Store. It is compatible with macOS 10.13 or later and requires a 64-bit processor. The app is free to use for finding duplicate files, while advanced features are available through an in-app purchase of $14.95.

Brief Description:

App Name: Duplicate File FinderSystem Requirements: macOS 10.13 – 15, 64-bit processorPrice: Free, with advanced features for $14.95

Key Links:

Duplicate File Finder product page Download Duplicate File Finder from the App Store

About Nektony:

Nektony is a trusted developer of Mac optimization software tools with over 10 years of experience and millions of satisfied customers worldwide. Nektony’s products include MacCleaner Pro, App Cleaner & Uninstaller, Disk Space Analyzer, and more. The company’s mission is to help users get the most out of their Macs by providing simple, effective, and affordable solutions.

For more information, please contact:

pr@nektony.com

nektony.com

Media Contact

Asya Karapetyan, Nektony, 34 624983684, pr@nektony.com, https://nektony.com/help

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SOURCE Nektony

Technology

2024 World Manufacturing Convention Showcases Next-Gen Technologies

Published

55 mins ago

September 21, 2024

HEFEI, China, Sept. 21, 2024 /PRNewswire/ — As technology and innovation converge, a grand feast celebrating the manufacturing industry is commencing. On September 20, the 2024 World Manufacturing Convention opened its doors at the Hefei Binhu International Convention and Exhibition Center in Hefei, Anhui Province. As a premier event in the manufacturing sector, this convention has brought together top global enterprises, innovative technologies, and cutting-edge concepts to present a feast of technology and innovation to the attendees.

In the Smart Robotics Zone, a variety of robots are busy showcasing their diverse capabilities. The latest unveiling at Jianghuai Advance Technology Center, the ‘Qijiang No.2’ humanoid robot, standing at 1.8 meters tall and weighing 60 kilograms, with 38 degrees of freedom throughout its body. It can not only perform basic human limb movements but also execute delicate tasks like folding clothes, opening bottles, pouring water, and washing dishes with ease. Moreover, it can navigate rough terrains, resembling an intelligent steel companion, sparking anticipation for the future of automation and intelligence in the manufacturing industry.

In the 3D Printing Zone, exquisite exhibits leave spectators in awe. From intricate mechanical components to lifelike artworks, 3D printing technology, with its precise replication and rapid prototyping capabilities, has brought revolutionary changes to the manufacturing industry. Inside the zone, staff are busy calibrating equipment, preparing for a spectacular 3D printing showcase. Meanwhile, the third-generation locally developed 72-qubit superconducting quantum computer, “Origin Wukong,” from the Hefei High-tech Zone, is capturing significant interest. This quantum computer, with over 80% domestic components from hardware to quantum chips, operating systems, and application software, boasts unimaginable computing power, paving new paths for future research, finance, and numerous other fields, shining brightly as a rising star in the quantum technology realm.

Green energy and environmental protection technologies are also significant highlights of this convention. The Green Manufacturing Zone showcases a wide array of energy-saving and eco-friendly equipment and renewable energy products. The application of these technologies not only reduces energy consumption and emissions in manufacturing but also provides robust support for sustainable development.

Furthermore, the convention features multiple zones such as Precision Manufacturing and Intelligent Manufacturing, comprehensively displaying the latest achievements and future trends in the manufacturing industry. Exhibitors have expressed their intentions to leverage this platform to showcase their capabilities, seek collaboration opportunities, and collectively drive high-quality development in manufacturing.

The 2024 World Manufacturing Convention is not just a feast of technology and innovation but also a platform for exchange and cooperation. Here, top leaders in the global manufacturing sector will convene to discuss the future trajectories and pathways of manufacturing. It is believed that in the near future, these cutting-edge technologies and innovative concepts will lead the manufacturing industry towards an even brighter future.

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SOURCE World Manufacturing Convention