Sun Sets On Sun Belt: Multifamily Execs Say The Coasts Are New Apartment Industry Golden Child The consensus around which regions offer the most promising returns for multifamily developers is beginning to shift as supply inflates in the Sun Belt and coastal-based companies demand their employees return to the office. Executives at four of the nation’s largest publicly held apartment companies said revenue grew in the second quarter, pointing to strong performance on the East Coast and the West Coast paired with minimal exposure to the elevated levels of supply being delivered in the Sun Belt. “As we look forward, we continue to expect our portfolio, which is two-thirds located in suburban coastal markets, to benefit from significantly less competitive new supply coming online than in the Sun Belt and other parts of the country,” AvalonBay Communities CEO, President and Director Ben Schall said during the company’s second-quarter earnings call Tuesday. 
There are several drivers of coastal market success, including the growing number of companies cutting back on remote work, executives for several of the nation's largest multifamily real estate investment trusts said.The rise of artificial intelligence is also boosting job growth in these areas, driving demand for…  Read the full story here. | 
