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

Summit of Whose Future? Girls Have the Answers: Leaders Must Listen

Published

23 mins ago

September 21, 2024

Young Women Activists Launch “What Girls Want,” Demand World Leaders Put Girls at the Center of Summit of the Future

NEW YORK, Sept. 21, 2024 /PRNewswire/ — Today in New York, more than 50 young women from around the world – including Nobel Prize Laureate Malala Yousafzai – gathered to take government to task for failing to prioritize girls and young women in the upcoming Summit of the Future. The group is backed by acoalition of girl-centered non-profit organizations, institutions, and funds who synthesized the demands of girls at www.whatgirlswant.com.

At a demonstration near the UN, alongside life-size cutouts of world leaders dressed ironically as “girl experts”, the activists delivered a strong message: world leaders aren’t the experts on what girls want for their futures – girls are.

Eylül Erçin, 19, from Türkiye, shared: “The time has passed for girls and young women to be treated as mere afterthoughts. Leaders must include us in the foundational design of these processes, ensuring that our priorities are integrated into shaping the future we will inherit. Anything less is unacceptable.”

Today’s event is about more than calling out a process failure. Girls i from around the world delivered a forward-looking call to action this week. They expect governments, institutions, and community leaders to step up and help shape a more equitable future.

Alongside fellow activists, Malala said: “Even at 27, I know better than to assume I understand best what girls want. Everywhere I go, girls are eager to share their vision for their futures. As adults, it is our job to listen, fund their work and follow their lead. It is not too late for world leaders to do right by girls. They can start by prioritizing their demands in tomorrow’s final Summit deliberations and by investing resources to match their words.”

The evidence is clear: investing in girls and delivering on their rights transforms economies, societies, and the environment, advancing the SDGs and building a future that girls deserve.

About What Girls Want

This effort was produced by a collaboration of girl-centered organizations, institutions, funders, and allies. The campaign is anchored around work to collate insights, data, and stories from 20+ public consultations with girls and young women over the past decade, driven by a shared desire to center girls’ demands in spaces where they are being ignored.

Contact:

whatgirlswantpress@gmail.com

nate.powers@edelman.com

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Technology

48-Hour Saudi Visa Processing, Major Discounts and Unmissable Giveaways – Only at ‘Spectacular Saudi’ in Mumbai

Published

2 hours ago

September 21, 2024

NEW DELHI, Sept. 21, 2024 /PRNewswire/ — Saudi’s national tourism brand, ‘Saudi Welcome to Arabia’ is hosting its first-ever immersive consumer event ‘Spectacular Saudi’, from September 25 to October 2, from 2:00 p.m. – 10:30 p.m. at R2 Ground in BKC, Mumbai.

Slated to transport visitors straight to the Heart of Arabia; the 8-day immersive experience will give visitors a glimpse into Saudi’s many wonders and iconic experiences – all while extending the warm Saudi welcome. To give consumers a truly memorable experience Saudi is offering exclusive giveaways and discounts specially curated for Indian travellers.

What’s more, Indian travellers can fast-track their Saudi visas exclusively at the event. All you need is a valid Visa or Mastercard credit card! Head on over to one of eight dedicated Tasheer kiosks, ensure the name on the credit card matches the passport, and have sufficient funds available on the card. After that, sit back and relax as your visa will be in hand within 48 hours!

It has never been easier to visit Saudi. With the most seamless visa process offered to date, the excitement doesn’t end there. On the travel front, SAUDIA Airlines is offering special deals, including a buy one get 50% off on the second ticket if travelling business class. Additionally, all economy class tickets will be 15% off. Attendees will also have the chance to participate in daily giveaways for free flight tickets for two to Saudi. With over 50+ travel trade offers, visitors can access incredible cashback and discounts on Saudi travel packages. Additionally, those booking Saudi packages will enjoy complimentary cultural city tours. Group tour packages to Riyadh, Jeddah, and Dammam will be available exclusively at the event, starting at INR 99,999 for 5 nights.

Visitors can expect unique immersive experiences–including exhibits, culinary delights, Ardah dancers, Saudi coffee, traditional scents, and fashion–all under one roof. So don’t miss out and register here to experience a piece of Saudi, right in the heart of Mumbai.

Photo – https://mma.prnewswire.com/media/2511104/Spectacular_Saudi.jpg

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Technology

Indian Cancer Genome Atlas Launches the Country’s First Comprehensive Cancer Multi-Omics Data Portal

Published

2 hours ago

September 21, 2024

Offers open access to cancer data for research

NEW DELHI, Sept. 21, 2024 /PRNewswire/ — The Indian Cancer Genome Atlas (ICGA) has launched India’s first comprehensive cancer multi-omics data portal. This pioneering platform provides open access to clinically correlated data from Indian cancer patients, aimed at transforming cancer research and treatment for Indian populations.

Historically, cancer treatments in India have been based on Western data sets. However, cancers in Indian patients can differ significantly at the molecular level. ICGA’s mission is to create Indian-specific datasets to help researchers and clinicians develop personalized treatment protocols. This new open-access portal represents a monumental step in revolutionizing cancer research, specifically for Indian patients.

The ICGA cancer multi-omics portal is the first in India to offer data that includes DNA, RNA, and protein profiles of breast cancer patients, integrated with clinical outcomes. Currently, the platform consists of data from 50 breast cancer patients, with plans to expand to over 500 patients in the coming year. This data is freely accessible to the global research community under India’s PRIDE guidelines, which promote ethical sharing and collaboration in cancer research.

Key Highlights of this portal include:

India’s First Cancer Multi-Omics Data Portal: A comprehensive resource that offers detailed multi-omics data for breast cancer patients, including genomic and proteomic information.Based on cBioPortal Platform: Derived from the internationally recognized cBioPortal, this platform ensures seamless integration with global cancer research efforts.Initial Dataset from 50 Indian Patients: Provides clinically annotated DNA, RNA, and protein profiles, along with treatment histories and patient outcomes, with an aim to scale up to 500 in a year.Free Access Under PRIDE Guidelines: Adhering to responsible and ethical data-sharing practices, the portal is freely accessible to the scientific community.A Step Toward Precision Oncology for Indian Patients: This initiative is designed to enable the development of personalized cancer treatments tailored to Indian patients.Call for Collaboration: ICGA invites researchers worldwide to contribute and expand the platform, fostering global collaboration in cancer research.

Professor Shekhar C. Mande, Former DG-CSIR, Currently Senior Professor at Savitribai Phule Pune University
“Making this invaluable cancer data publicly accessible marks a pivotal step in accelerating scientific discoveries and enhancing patient outcomes. By openly sharing this data, we are empowering researchers, clinicians, and innovators to collaborate, explore new frontiers, and drive transformative breakthroughs in cancer treatment.”

Joint Statement from Dr JC Zenklusen – Director of The Cancer Genome Atlas (TCGA) at the NCI, NIH, USA, and Prof Sunil Badve – Vice Chair, Pathology Cancer Programs, Department of Pathology and Laboratory Medicine, Emory University School of Medicine, Atlanta, Georgia, USA
“Fifteen years ago, when we launched TCGA, we could not have foreseen the remarkable progress cancer research would make. It is incredibly exciting to see ICGA advancing so rapidly and taking bold steps in revolutionizing cancer research. Understanding the genome of cancer patients will improve the treatment of Indians not only in India but also worldwide. We, both, encourage others with similar data to actively contribute to ICGA, so this initiative can grow even faster and drive greater breakthroughs.”

Dr. Anand Deshpande, Chairman and Managing Director at Persistent, and Non-Executive Director at ICGA
“We have made an excellent start with this groundbreaking multi-omics cancer portal. Cancer touches all of us, and the need for more effective, personalized treatments—especially tailored to the unique genetic and environmental factors in India—is urgent. This portal will empower researchers with crucial data to advance customized cancer research for better treatment outcomes. I encourage everyone to contribute and support this vital cause, helping us accelerate progress in the fight against cancer.”

About Indian Cancer Genome Atlas (ICGA):
The Indian Cancer Genome Atlas (ICGA) is a national initiative focused on mapping the genomic, transcriptomic, and proteomic landscapes of cancers across India. As a section 8 not-for-profit organization, the ICGA Foundation, operates through a public-private-philanthropic partnership, with active support from over 50 clinicians, researchers, and data analysts. Its mission is to enhance cancer diagnosis and treatment for Indian patients and contribute to the global understanding of cancer biology. The foundation’s first project focuses on the multi-omics profiling of breast cancer, with plans to extend this effort to other types of cancer in the future.

https://www.icga.in/

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