Apartment rents continue to rise across the country. The pace of that growth, though, has slowed, according to the August national rent report from Zumper.

Zumper’s national rent index showed that the median one-bedroom rent in the United States rose 1.6% in August on a year-over-year basis, climbing to $1,534.

The median two-bedroom rent rose 2.7% from August of last year to the same month this year, increasing to $1,915.

Zumper also reported that college towns are seeing the fastest annual rent growths, thanks in part to the start of back-to-school season.

“In an era where the amount of new supply is shattering records, it’s remarkable to see vacancy rates holding steady this year,” said Zumper Chief Executive Officer Anthemos Georgiades. “Strong renter retention alongside our growing national rent index underscores the robust demand present in the U.S. market.”

In the Minneapolis market, the median one-bedroom rent stood at $1,350 in August. That is down 4.30% on a year-over-year basis. The Median rent for a two-bedroom apartment was $1,920 in August, down 4% from the same month a year ago.

College town rental markets have proved especially resilient. A good example? Zumper points to Syracuse New York, which continues to have the largest annual rent price growth rate across the nation at 31.6%. The Syracuse region is also home to at least 11 colleges, universities and technical schools.

Lexington, Kentucky, which houses at least eight colleges, saw rent climb 17.2%. Madison, Wisconsin, and Lincoln, Nebraska, which have at least seven colleges each, both saw rents grow about 12%.

In a blog post on its site, Zumper said that college towns tend to demonstrate stronger apartment market performance when compared to the national average because they generally have higher occupancy rates and greater overall stability in their rental markets.

Rise48 Equity acquired The Lure Apartments, a 144-unit multifamily community in Dallas.

The property will be rebranded to “Rise Highland Park” and is located in the premium Uptown Dallas submarket within the Dallas MSA.

This acquisition marks a significant milestone as the company’s 54th acquisition since 2019.

Rise48 Equity has plans to revitalize The Lure Apartments with an investment of over $3.5 Million. Property renovations at the property will include:

• Platinum-level scope of interior upgrades: New white cabinet boxes with shaker doors, quartz countertops, subway style kitchen backsplash, plumbing fixtures, stainless-steel appliances, vinyl plank flooring, and updated lighting.
• Transformative exterior: Fresh 3-tone paint, a new LED-backlit monument sign, and brand new marketing banners around the property.
• Install washers and dryers into 84% of the units.

Increasing demand and higher asking rents show just how resilient the U.S. industrial market remains.

Cushman & Wakefield reported that in the second quarter of 2024, overall net absorption in the U.S. industrial market reached 46.3 million square feet. That’s a solid number and more than double the absorption number recorded in what was a sluggish first quarter of the year.

More than half of the U.S. markets tracked by Cushman & Wakefield Research yielded positive absorption in the second quarter, and absorption improved on a quarter-over-quarter basis in 36 different markets.

Also in the second quarter, asking rents for U.S. industrial space averaged $9.97 a square foot. That’s up 3.7% from the second quarter of last year. However, this rent growth is slowing. Cushman & Wakefield said that this year-over-year rent growth was the lowest since 2020.

Even with this largely positive news, it’s clear that the U.S. industrial sector is no longer in a boom period. Cushman & Wakefield reported that developers are pulling back on new construction in this sector.

According to Cushman’s research, 343 million square feet of new industrial space was under construction as of the end of the second quarter. That is down 14% from the first quarter. It’s also less than half of the peak of the 718 million square feet under construction in the third quarter of 2022.

Cushman & Wakefield predicts that the industrial construction pipeline will shrink further in 2025, something that will lower vacancy rates in the second half of next year.

Although the national industrial vacancy rate edged higher to 6.1% in the second quarter, this 40-basis-point increase was the lowest quarterly rise for the sector since the first quarter of 2023.

Cushman & Wakefield reported that this is the highest the vacancy rate has been in almost nine years, but that the rate still stands well below the 10-year, pre-pandemic average of 7%.

Stream Realty Partners announces that more than 50,000 square feet of new leases have been executed at The Towers at Westchase in Houston so far in 2024.

The recent leasing activity includes notable tenants such as Drilling Tools International, which leased 16,988 square feet and was represented by Peyton Poynter of Park Realty. PhiloWilke Partnership leased 14,729 square feet and was represented by Cody Little and Jordan Raney of JLL. BCS Systems leased 4,013 square feet and was represented by Eugene Terry of CBRE. Additionally, Altamira leased 7,470 square feet, while Burns and Wilcox leased 6,820 square feet, both represented by Matt Sanderson, Lauren Stifflemeier, Chad Baker, and Kennedy Gamble of JLL.

Stream Senior Vice President Brad Fricks and Vice President Matthew Seliger represented building ownership, Franklin Street Properties.

The Towers at Westchase are located at 10350 and 10370 Richmond Avenue in the Westchase submarket, providing easy access to Beltway 8 and the Westpark Tollway. The property also features various amenities, including an on-site deli and restaurant, a complimentary fitness center, a conference center, and on-site property management, as well as access to numerous nearby restaurants and hotels.

Currently, The Towers at Westchase offer a variety of available spaces to suit businesses of various sizes. At Tower I, available space ranges from 1,700 to 18,000 square feet, while Tower II provides up to 141,000 square feet of contiguous space.

CBRE has been awarded the exclusive office leasing assignment for Assembly Park, a mixed-use development located at 1717 E. Spring Creek Parkway in East Plano, Texas.

CBRE’s Ben Davis, Shannon Brown, and Julee Amparo are marketing the space on behalf of ownership, Triten Real Estate Partners (Triten).

The property was previously home to the Plano Market Square Mall before being acquired by Triten in early 2021. The previously 300,000 sq. ft. mall was redeveloped into 180,000 sq. ft. of creative office space with dedicated green space throughout. The development is finalizing a 13,061 sq. ft. spec office suite with approved permits for another 12,676 sq. ft. spec suite. Additionally, Triten built 17,000 sq. ft. of ground-up retail space and 304 multifamily units that were delivered in summer 2024.

The renovations have led to a recent uptick in office leasing activity prior to CBRE’s assignment. CMTA, a global leader in sustainable engineering, leased 8,017 sq. ft. of office space while NSM Insurance Services leased 10,648 sq. ft. of office space.

“Assembly Park is a tremendous example of how thoughtful and innovative redevelopment can breathe new life into areas to form vibrant, thriving communities,” said Ben Davis, senior vice president with CBRE. “With its focus on health, wellness, and community connection, it’s an exciting space that is perfectly positioned to complement the creative and youthful energy in East Plano.”

Assembly Park was designed to integrate the creative office space, dining concepts, and luxury residences within a walkable, park-like campus. A focus on health was a key component to the development’s design with greenspace woven in throughout the buildings, connected hike and bike trails, a state-of-the-art fitness centers and locker rooms, scooter rentals, indoor and outdoor gathering spaces and weekly programmed events.

Stream Realty Partners signed Houston’s fastest-growing specialty crating company, Gulf Coast Crating, to lease 432,316 square feet at Portside Logistics Center, a two-building, 1-million-square-foot industrial development in the highly sought-after Southeast Houston (“Port”) submarket.

This lease brings Building 1 to 100% occupancy. Building 2, which comprises 258,248 square feet and is divisible to 122,963 square feet, remains available for immediate occupancy.

Portside Logistics Center, a joint venture development between Principal Asset Management^SM and Stream Realty Partners, is located at 4838 and 4908 Borusan Road in Baytown, Texas. The premier industrial development provides seamless connectivity to major transportation routes such as the Grand Parkway, Interstate 10, and Highways 225 and 146. These thoroughfares facilitate expedited access to Port Houston’s two major container terminals, Barbour’s Cut and Bayport.

Designed with versatility in mind, Portside Logistics Center offers flexible configurations and was developed to the highest standards. It features speculative office space, LED warehouse lights, a white-boxed interior warehouse, painted columns, caulked control joints, and fully fenced and secured truck courts. Additionally, the project is LEED certified.

Stream Executive Vice President Jeremy Lumbreras and Tyler Maner serve as the leasing agents for the project and helped complete the deal. Justin Robinson heads up the development management alongside Stream Senior Director Tyler Wellborn, Director Craig McKenna, Development Analyst Matthew Sibley, and Financial Analyst Kristina Gibson. Gulf Coast Crating was represented in lease negotiations by Patrick McKiernan and James Mashni with First Houston Properties.