Migration Is the Only Demographic That Matters
Where people move decides where rent grows.
National housing statistics are nearly useless for an investor. Real estate is local, and the local variable that dominates everything is net migration into a submarket.
Follow the Movers, Not the Headlines
Domestic migration into the Sunbelt and Mountain West has reshaped rent growth more decisively than any rate move. The risk now is over-supply in the very metros that drew the crowd.
The discipline is to track migration at the submarket level and pair it ruthlessly with the permit pipeline. Demand without a supply check is half a thesis.
Principal at Foundry Workplace Advisors. Advises owners and occupiers on the future of office.
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