Harry Trotter

Pure domination by DJ Giddens topping 200 yards from scrimmage in each of the last two games

Midwest multifamily is having its moment. Nearly every Midwest market is outperforming the U.S. averages for apartment occupancy and rent growth. And (for maybe the first time ever) 8 of the top 12 markets for rent growth are located in the Midwest. Why? Very little supply. Total apartment construction amounts to just 2.8% inventory expansion in the Midwest, the lowest of all regions. The national average is 5.0%, the highest since the 1980s. As a result, Midwest rent growth is 280 bps above the U.S. average. It's all about supply. Rents are still growing where supply isn't going. Markets like Columbus, Indianapolis and Kansas City are gaining in appeal among national investors, and are approaching borderline "institutional" markets. And smaller markets like Grand Rapids, Madison, Des Moines and Sioux Falls are also rapidly gaining in stature. The Midwest is unlikely to remain a long-term outperformer, but it's making a strong case for the value of "steady eddies" within any geographically diversified multifamily portfolio -- and could be the safest bets for low-beta markets.