Given the news over the past year about apartments recently built or planned to be built here, you might wonder if there is a glut or at least a soft market.
The opposite is true, according to a recent report.
RealPage, a Texas-based provider of property management software for rental housing industries, last month released a list of the country’s small-market occupancy leaders for apartments. The stats are for the third quarter.
A trio of upstate cities—Rochester, Syracuse and Albany—appear on the top 10 list. Syracuse ranks No. 1 with an occupancy rate of 98.7 percent, edging out Springfield, Mass., and Spokane, Wash. Those two cities tied for No. 2 with 98.6 percent.
Rochester, Albany and Grand Rapids, Mich., tied for seventh with 98 percent.
RealPage chief economist Greg Willett reports that looking at the number of units under construction right now, near-term inventory growth will register far below the national average in Springfield; No. 4 Fresno, Calif.; No. 5 Lansing, Mich.; Syracuse; and Rochester.
“Additions mildly below typical for the country as a whole are on the way in Rochester, Colorado Springs, Grand Rapids and Reno. However, both Spokane and Albany are on track for near-term inventory growth that tops 4 percent, exceeding the average expansion pace nationally,” he writes.
“Restrained building is appropriate in most of the small markets now posting especially strong occupancy, as economic growth generally isn’t strong enough to support lots of new housing. In the most extreme cases, the three Upstate New York metros on the list actually don’t register any net job production at all,” he adds.
Eye in the sky
Last week, the first image from DigitalGlobe’s WorldView-4 satellite was released. The SpaceView 110 imaging system on board the high-resolution earth imaging satellite was built in Rochester at Harris Space & Intelligence Systems. Harris is a longtime partner of DigitalGlobe.
The Lockheed Martin-built satellite was launched from Vandenberg Air Force Base in California on Nov. 11. The first image, captured Nov. 26, shows the Yoyogi National Gymnasium in Shibuya, Tokyo.
WorldView-4, which orbits some 383 miles above the Earth and travels at 17,000 miles an hour, more than doubles DigitalGlobe’s capacity to collect the world’s highest-resolution, 30cm commercial satellite imagery, officials said.
Send tips, rumors, inside information or strange tales for the Loop to Managing Editor Mike Dickinson at firstname.lastname@example.org.
12/9/2016 (c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email email@example.com.