From The Wall Street Journal: Condominiums in the West and the Mid-Atlantic are getting the short end of the stick.
According to a new study by real estate research firm Zillow, the region is losing out on more than $30 billion in potential rental income per year to apartments and townhomes in the San Francisco Bay Area, Boston and New York.
The study found that as a result, condos in the Bay Area and Boston were seeing “a decline in rents” while condos in New York and New Jersey were seeing an increase in rents.
The biggest loser was the Midwestern cities of St. Louis and Indianapolis.
The report found that the region’s housing stock is “underperforming the broader U.S. housing market and is falling further behind the region as a whole.”
Condos are the largest source of rent revenue in the region, but the region has been struggling to keep pace.
The market is “saturated” with rental units, and the housing supply is not keeping pace, said Zillower Senior Economist John Davenport.
He added, “With the rental market now more expensive than ever, it is hard for people to find a place to rent in the metro areas.”
The study was conducted by Zillows Realty Analytics.
The company analyzed data from a comprehensive suite of data on residential real estate in the U. S., including data from the National Association of Realtors, Census Bureau data, real estate site Trulia, Zillowing data, the real estate website Realtor.com, realestate.com and U.K.-based data firm Savills.
It was published online this week by the Financial Times.
It is based on a new analysis of data collected by Zills Realty and is intended to be a guide for investors.
ZillOW’s analysis found that, of the 20 U.s. metro areas that participated in the study, the Bay area was the region with the highest number of rental units.
“In the Bay region, there are approximately 8.2 million rental units that are currently under construction or planned to be constructed,” the study found.
“The number of units under construction in the area is projected to increase to 8.6 million by 2023.
This is a significant increase over the 6.6-million units projected in the mid-2020s.”
In New York, the study said, the number of housing units in development in the city has more than doubled since 2010.
Zills found that a large number of developers are planning to build apartment towers in the Brooklyn area.
ZILLOW found that “the Bay area has the highest percentage of new housing units on the market per capita, with just over one-third of new units under development.”
The report said the Bay is also the region where most people live, with “the highest median income of any metro area.”
“It is no surprise that the Bay and the midwest have become increasingly unaffordable places to live,” Zillowers said.
“There is no room in this economy for people who want to move out of the Bay or from the Midwest and have the luxury of living in a place with a nice view.
For condos, Zills said the region “has seen a big slowdown in the supply of units, which could be due to the fact that the cost of land has increased significantly in recent years.” “
People are now looking for places that offer more options, and that includes rental.”
For condos, Zills said the region “has seen a big slowdown in the supply of units, which could be due to the fact that the cost of land has increased significantly in recent years.”
The analysis also found that many Bay Area developers are struggling to compete with the growing number of apartments.
“Most developers are focusing on the construction of more and more apartments,” Zills told the Financial Review.
“This is driven by a number of factors, but mostly by the lack of supply in the market.
Developers are spending more and they are spending less, which means they are going out of business.”
According to Zillowns data, Bay Area apartment builders are spending a whopping $1.4 billion on apartments in the last two years, with more than a quarter of those costs going to rent.
“It’s not surprising that the price of apartments in California has risen over the past two years,” Zellow said.
And, “As more and less people are moving into the Bay, demand for condos is increasing.”
The researchers said the housing market in the Midcontinent is also being hit hard by a global slowdown in economic growth.
The global economy has slowed and economic conditions are expected to worsen in the near future.
According the Zillowed report, the global economy is “expected to contract in the next five years for the first time since the Great Recession.”
The region’s economic downturn has forced more than 30,000 families to move, the largest single-day displacement event since the 1930s, according to the National Coalition for a Strong Economy.
The U.N. Economic Commission for Latin