574_completions

(Marcus & Milichap’s 2017 U.S. Multifamily Investment Forecast)

363_employment

(Marcus & Milichap’s 2017 U.S. Multifamily Investment Forecast)

Los Angeles is now the top city in Marcus & Millichap’s National Multifamily Index (NMI), moving up 11 spots from a year earlier (see below). The move was fueled by a forecast for further tightening in vacancy and minimal supply growth. Robust job growth pushed Seattle-Tacoma seven spots higher to place second on the list.

Although apartment construction this year will reach its highest level in more than 30 years, the report says, it remains below its 1980s peak when baby boomers were coming of age. Demand is expected to largely keep pace, Marcus & Millichap reported.

The NMI ranks 46 major markets according to a collection of 12-month, forward-looking economic indicators and supply-and-demand variables. It was published in Marcus & Milichap’s “2017 U.S. Multifamily Investment Forecast.

2017 National Multifamily Index

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(Marcus & Milichap)