Most Livable Cities

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With falling mortgage rates, these markets are likely to see the most changes link

• Mortgage rates are expected to stay in the low 6% range through year-end, with the possibility of dropping into the high 5% range by spring 2025. This could bring relief to homebuyers who have struggled with higher rates in recent years.

• Areas with higher mortgage usage, such as DC, Maryland, and Colorado, will feel more impact from falling rates. On the other hand, states with more outright ownership, like West Virginia and Mississippi, will see less change.

• In 2023, 84% of existing mortgages had rates of 6% or lower, meaning more homeowners may become "unlocked" as rates approach that threshold. Markets with a higher share of mortgages are likely to see increased housing activity.

Yardi Matrix: Multifamily Rent Growth Slows, but Demand Remains Strong link

• Multifamily rents dropped $3 in September to $1,750 nationwide, reflecting seasonality and high supply in the Sun Belt. Despite the decrease, occupancy remained stable at 94.8% for the fourth month in a row.

• Over 300,000 units were absorbed in the first three quarters of 2024, with strong demand in the Sun Belt and Mountain West due to migration and job growth. However, rent growth has flattened in these areas because of a large influx of new units.

• Year-over-year rent growth was highest in New York City at 5.4%, followed by Kansas City at 4.2%, and Boston at 3.4%. Meanwhile, Austin experienced a -4.9% drop, with other Sun Belt metros like Raleigh and Phoenix seeing declines as well.

Office availability levels drop for the first time in five years link

• Leasing activity in the U.S. office market grew marginally to 50.4 million square feet in Q3, while new supply fell sharply. Gateway and secondary markets saw growth of 2.5% and 4.6% respectively, while tertiary markets dropped by 18.7%.

• Over 30 million square feet of office space are being converted, mostly to residential, driving the first tightening of the office market since 2019. The Sun Belt region led with a 9.4% quarter-over-quarter increase, reaching 96% of pre-pandemic leasing activity.

• Vacancy rates sit at 22.2%, with negative absorption improving by 8%. Tenants prefer newer buildings or well-renovated older properties, with 30% of expansionary demand coming from renovated spaces and 2000-2014 vintage buildings capturing 20%.

Portland, Lincoln, and Des Moines lead in livability rankings link

• Portland, ME ranked first overall, with notable strength in quality of life and community metrics. It's a top choice for fitness enthusiasts and young professionals focused on work/life balance.

• Lincoln, NE ranked second, excelling in community connections while maintaining a cost of living below the national average. It was described as perfect for social outings and casual gatherings with friends.

• Nine of the top 20 cities were located in the Midwest, with three from Wisconsin. Des Moines, IA took third place, ranking highest nationally for location and community.

Hurricane Helene caused up to $48 billion in property damage—and most is uninsured link

• Hurricane Helene caused between $30.5 billion and $47.5 billion in property damage across 16 states, with most losses in Florida and Georgia. Only $10.5 billion to $17.5 billion of the damage will be covered by insurance, leaving many homeowners unprotected.

• In Asheville, NC, the French Broad River reached over 24 feet, setting a new record after more than 100 years. Many homes in the region were not insured for flood damage, as less than 1% of homes in Buncombe County were covered.

• The National Flood Insurance Program will cover between $4.5 billion and $6.5 billion in claims, mainly in coastal areas impacted by storm surges. Private insurers will cover a similar range for wind damage, but the majority of losses remain uninsured.

Orlando is a hot market for office spaces but why? link

• Orlando office rents remain high at $27.75 per square foot, and this trajectory is expected to continue for the next two years. Class A buildings lead the market with rents averaging $30.10 per square foot, particularly in Maitland.

• Orlando’s office vacancy rate is 15.6%, well below the national average of 22.2%. Vacancy is projected to decline in the coming quarters as new deals materialize and spaces fill up.

• Net absorption in Orlando office space is nearly 183,917 square feet year-to-date, with a bullish outlook on further increases. The growth is fueled by a rise in population and industries like defense, technology, finance, and healthcare.

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