USA Overview Douglas S. Culkin, CAE President and CEO, NAA November 04, 2015 Managing Build to Rent/PRS The U.S. Experience
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USA Overview
Douglas S. Culkin, CAEPresident and CEO, NAA
November 04, 2015
Managing Build to Rent/PRSThe U.S. Experience
Annual Rent Growth for New Residents by Region for Year Ending in Q3 2015METRO CURRENT RENT
GROWTHYEAR-AGO RENT GROWTH
West 8.4% 5.4%
South 4.7% 2.9%
Northeast 4.5% 2.3%
Midwest 3.6% 2.4%
Source: MPF Research
Leaders in Annual Rent Growth for New Residents for Year Ending Q3 2015RANK METRO RENT GROWTH
1 Portland 14.3%
2 Oakland 12.1%
3 San Francisco 11.7%
4 Denver-Boulder 10.1%
5 Sacramento 9.9%
6 San Jose 9.7%
7 San Diego 8.6%
8 (tie) Atlanta 8.3%
8 (tie) Seattle-Tacoma 8.3%
10 Nashville 7.9%
11 Phoenix 7.6%
12 (tie) Charlotte 7.3%
12 (tie) Fort Worth 7.3%
14 (tie) Los Angeles 7.0%
14 (tie) Orlando 7.0%
Source: MPF Research
Quarterly Volume & Cap Rate TrendsCap Rates and Mortgage Rates
'09 '10 '11 '12 '13 '14 '151.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Apartment Cap Rate Apartment Mortgage Rate
Source: Real Capital Analytics
Transaction Volume
'09 '10 '11 '12 '13 '14 '15$0
$5,000,000,000
$10,000,000,000
$15,000,000,000
$20,000,000,000
$25,000,000,000
$30,000,000,000
$35,000,000,000
$40,000,000,000Entity Portfolio Individual
Source: Real Capital Analytics
Apartment Lender Composition
Source: Real Capital Analytics
Price Per Unit: Mid/High-Rise
Source: Real Capital Analytics
Price Per Unit: Garden
Source: Real Capital Analytics
Investments in the U.S. Over 10 Years
Source: Real Capital Analytics
Country Number of Properties
Total Volume in Millions
Canada 701 $21,404.8
Switzerland 66 $4,527.2
Israel 154 $3,980.3
UK 129 $3,219.3
Australia 155 $2,326.1
Netherlands 72 $2,1260
Bahrain 37 $1,354.4
Kuwait 18 $1,336.8
China 39 $1,242.1
Other 255 $6,661.2
Total 1,626 $48,178.4
Market Number of Properties
Total Volume in Millions
Manhattan 121 $9,809.3
Dallas 129 $2,755.6
Houston 123 $2,639.4
Atlanta 100 $2,305.5
Phoenix 147 $2,157.5
D.C.-VA suburbs 18 $1,573.9
Los Angeles 30 $1,384.6
Raleigh-Durham 42 $1,339.0
Chicago 19 $1,225.2
Other 897 $22,988.3
Total $48,178.4
Top Origins of Capital Top Market Destinations
Investments From U.S. to Europe Over 10 Years
Source: Real Capital Analytics
Market Number of Properties
Total Volume in Millions
London 42 $3,551.3
Dresden 7 $1,323.4
Madrid 82 $1,050.1
Berlin 128 $866.1
Moscow 2 $643.0
Dublin 11 $379.9
East Midlands Other 7 $353.3
Amsterdam 27 $293.2
South West Other 6 $266.7
Other 603 $12,026.3
Total 915 $20,753.4
U.S. Investments to Europe
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