MARKET REPORT

MULTIFAMILY
New York City Q2/19
Housing Shortage Underpins Stable Rental
Performance; Investment Interest Remains Elevated Multifamily 2019 Forecast

Y-O-Y Average
Slight pickup in construction unlikely to alter demand dynamics. Metro Vacancy Basis Point Effective Y-O-Y
Change
Amid steady job growth in the New York City economy, the apartment Change Rent
market is booming as single-family homes remain unreachable for most
residents. Following the cyclical peak in multifamily construction in Bronx 0.9% 0 $1,485 2.4%
2017, development has steadily declined, prompting incredibly tight
vacancy rates metrowide. All boroughs, with the exception of Manhat-
Brooklyn 2.0% 10 $2,325 2.7%
tan, maintain vacancy rates below 2 percent, which has begun to sponsor
tremendous growth in the average effective rent in the most desirable
neighborhoods. Appreciation has been most robust in rapidly evolving Manhattan 1.9% -10 $3,765 2.5%
areas of Brooklyn and Queens, where relative affordability has drawn
residents. While construction will tick up from last year, sufficient
employment demand will keep the rental market tight, supporting rent Queens 1.4% -20 $2,280 3.7%
growth in the low single digits.

Staten Island 1.0% -20 $1,590 2.4%

Brooklyn and Queens lead development pipeline; builders follow
subway lines east. As affordability draws renters across the East River
from Manhattan, construction firms have followed suit, with a continued Westchester County 3.8% -30 $2,030 2.2%
emphasis on neighborhoods right along the coast. This year, the highest
concentration of supply growth will be in Bushwick and Williamsburg
in Brooklyn and Long Island City and Northwestern Queens. Here, new Investment Trends
units still price at competitive rates relative to similar vintages in Man-
hattan, encouraging a virtuous cycle of rising asset prices and rising rent • The upcoming expiration of the rent-stablization laws in New York
prices as the new properties lease up. on June 15 is having a pronounced effect on sentiment for multi-
family assets in New York City. Several new and existing regulations
are currently being discussed at the state Legislature, which could
dramatically alter the investment landscape, encouraging a wait-
and-see approach in the marketplace.

• Transaction velocity and volume remained elevated over the past

NYC Apartment Yield Trends
year, with prices per unit edging slightly higher. Deal flow and dollar
Apartment Cap Rate 10-Year Treasury Rate volume advanced, with over $13 billion in activity. Pricing remains
12% set by trophy assets in Manhattan, where prices can stretch above
$650,000 in the best locations.
9%
• As the spread between Manhattan and Brooklyn properties has
tightened, investors have increasingly ventured farther inland in
Rate

6%
search of better returns and more affordable prices per unit. Assets
in Bushwick and Prospect Park generated the most interest as in-
3%
vestors looked to position ahead of potential and ongoing redevel-
opment in the neighborhoods. Other nearby locations also drawing
0%
* 01 03 05 07 09 11 13 15 17 19* interest include Crown Heights and Bed-Stuy.

• Transaction velocity and investment interest in the Bronx and

Queens are boosting prices and dollar volume, particularly along
Sales Trends
the East River in Queens. Locations in Long Island City and Astoria
Sales Price Growth
* Cap rate trailing 12-month average through 1Q; Treasury rate as of March 29
remain primary targets, yet farther inland locations in Sunnyside
and Woodside will also draw interest.
er Unit (000s)

Sources: CoStar$800
Group, Inc.; Real Capital Analytics 30%
Year-over-Y

$600 15%
 MANHATTAN

Current Trends 1Q19 – 12-Month Period

EMPLOYMENT
Employment Trends NYC Apartment Yield Trends
Metro United States Apartment Cap Rate 2.0% 10-Year
increase in Rate
Treasury total employment Y-O-Y
8%
12%
• Over the past year, New York City employers created 91,500 jobs, a
Year-over-Year Change

4% moderate slowdown from the previous yearlong period when 96,400

9%
positions were added.

Rate
0%
6% • The education and health services and professional and business
services sectors created the vast majority of new jobs, adding
-4%
3% 46,600 and 19,500 positions, respectively.

-8% 0%
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*

Completions and Absorption Sales Trends CONSTRUCTION

Completions Absorption Sales Price Growth
5,600 units completed Y-O-Y
Average Price per Unit (000s)

$800 30%
8
• Over the past year ending in March, 5,600 units were delivered,

Year-over-Year Growth
slowing the pace of development
15% from the previous yearlong period
Units (000s)

$600
6
when 3,900 apartments were delivered. Lower Manhattan received
$400 0%
4 nearly a third of the new supply.

2 $200 • Completions will be led this year

-15% by Two and Three Waterline
Square, where 900 apartments are set to come online as part of a
0 $0 5-acre development. -30%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

Vacancy Rate Trends VACANCY

Manhattan United States
12% 30 basis point decrease in vacancy Y-O-Y

9% • Net absorption reached nearly 7,400 units over the past year,
Vacancy Rate

trimming vacancy 30 basis points to 2 percent. Last year, vacancy

6% fell 60 basis points.

• All Manhattan submarkets registered declines in vacancy except

3%
Lower Manhattan, where vacancy was unchanged, as demand
continues to outpace supply growth. Midtown South recorded
0%
09 10 11 12 13 14 15 16 17 18 19* the biggest decrease, falling 60 basis points to 2.4 percent.

Rent Trends
Monthly Rent Y-O-Y Rent Change RENTS:
$4,000 10% 4.0% increase in the average effective rent Y-O-Y
Year-over-Year Change
Monthly Effective Rent

$3,250 5% • The average effective rent climbed to $3,674 per month in the
first quarter, reaccelerating from the same period last year when
$2,500 0% the average rent climbed 1.3 percent.

$1,750 -5% • Rent growth in Midtown South far outpaced the borough average,
advancing 5.5 percent to $4,283 per month as new high-end rentals
$1,000 -10% boosted prices.
09 10 11 12 13 14 15 16 17 18 19*

*Forecast; Note: Employment for New York City

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
Demographic Highlights

Five-Year Population Growth* 1Q19 Population Age 20-34 1Q19 Median Household Income
(Percent of total population)
18,600 $87,128
Metro 29% Metro

U.S. Median $64,259

U.S. 21%

1Q19 Total Households

Five-Year Household Growth* Population of Age 25+ Rent 50%

Percent with Bachelor’s Degree+**
20,500
Metro 38% Own 50%
U.S. Average 30%
* Forecast ** 2018-2023

SUBMARKET TRENDS SALES TRENDS

Class C Assets in Upper Manhattan and Harlem
Lowest Vacancy Rates 1Q19
Employment Trends Garner Investor Interest
NYC Apartment Yield Trends
Metro United States Apartment
• Transaction velocity Cap Rate the previous
surpassed 10-Year Treasuryperiod
12-month Rate as
Y-O-Y Average
Vacancy Y-O-Y %
Submarket 8%
Rate
Basis Point Effective
Change
buyers remained
12%
motivated to purchase Class B and C assets, with an
Change Rent
emphasis on locations on the Upper East and West Side and Harlem.
Year-over-Year Change

4%
• The average9%cap rate remains in the low-4 percent range, supporting
Harlem 1.7% -10 $2,226 3.0% prices per unit in the low- to mid-$500,000 range.
Rate

0%
6%
Outlook: Consistent cap rates and rising prices across the borough, par-
-4% ticularly for assets
3%
under 25 units, is encouraging a focus on areas where
Lower Manhattan 1.9% 0 $4,313 3.7% demand has been most robust, such as Upper Manhattan and Harlem.
-8% 0%
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*

Midtown 2.4% -40 $4,300 3.6%

Completions and Absorption Sales Trends
Completions Absorption Sales Price Growth

Midtown South 2.4% -60 $4,283 5.5%

Average Price per Unit (000s)

$800 30%
8
Year-over-Year Growth
Units (000s)

$600 15%
6

Upper Manhattan 2.4% -40 $4,249 3.3%

$400 0%
4

2 $200 -15%

Manhattan 2.0% -30 $3,674 4.0%

0 $0 -30%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

* Trailing 12 months through 1Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate Trends
Manhattan United States
12%
 BROOKLYN

Current Trends 1Q19 – 12-Month Period

EMPLOYMENT
Employment Trends 2.0% increase in total employment Y-O-Y
Metro United States
• Over the past year, New York City employers created 91,500 jobs, a
4%
moderate slowdown from the previous yearlong period when 96,400
Year-over-Year Change

2% positions were added.

• The education and health services and professional and business

0%
services sectors created the vast majority of new jobs, adding
46,600 and 19,500 positions, respectively.
-2%

-4%
09 10 11 12 13 14 15 16 17 18 19*

CONSTRUCTION
Completions and Absorption Sales Trends
Completions Absorption Sales 6,400 units completed Y-O-Y
Price Growth

• Development contracted meaningfully over the past year, falling

Average Price per Unit (000s)

$500 40%
12

Year-over-Year Growth
from more than 7,200 units in the previous yearlong period. The
Units (000s)

$375 20%
9 Williamsburg/Greenpoint/Navy Yard submarket received more
$250
than a third of new supply. 0%
6
• This year’s pipeline will be led by 420 Kent Avenue, part of a large
3 $125 -20%
mixed-use project on the East River in Williamsburg, where more
0
than 850 residences will open.
$0 -40%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

Vacancy Rate Trends VACANCY

Brook.lyn United States
12% 40 basis point decrease in vacancy Y-O-Y
• Net absorption soared past 7,800 units during the past four
9%
Vacancy Rate

quarters, tightening vacancy to 1.9 percent. No submarkets

6% recorded an increase in vacancy during this time frame.

• After peaking at 11.5 percent in early 2017, rapidly slowing

3%
development has trimmed the vacancy rate in downtown
Brooklyn to 3.7 percent by the end of the first quarter.
0%
09 10 11 12 13 14 15 16 17 18 19*

Rent Trends
Monthly Rent Y-O-Y Rent Change RENTS:
$2,400 12%
2.8% increase in the average effective rent Y-O-Y
Year-over-Year Change
Monthly Effective Rent

$2,050 6%
• The average effective rent climbed to $2,279 per month in the
first quarter after posting a 1.5 percent increase a year ago. A
$1,700 0%
sharp drop in construction has dramatically tightened vacancy in
$1,350 -6% the market, allowing rents to continue to rise.

• The Downtown Brooklyn submarket led all neighborhoods, soaring

$1,000 -12%
09 10 11 12 13 14 15 16 17 18 19* 5.9 percent to $3,689 per month over the past year.

*Forecast; Note: Employment for New York City

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
Demographic Highlights

Five-Year Population Growth* 1Q19 Population Age 20-34 1Q19 Median Household Income
(Percent of total population)
37,700 $61,136
Metro 25% Metro

U.S. Median $64,259

U.S. 21%

1Q19 Total Households

Five-Year Household Growth* Population of Age 25+ Rent 50%

Percent with Bachelor’s Degree+**
32,600
Metro 33% Own 50%
U.S. Average 30%
* Forecast ** 2018-2023

*2018-2023

SUBMARKET TRENDS SALES TRENDS

Deals Along J and Z Trains Highlight Heightened
Lowest Vacancy Rates 1Q19
Employment Trends Demand for Class C Properties
Metro United States
Y-O-Y Y-O-Y
• Transaction velocity picked up again over the past year, with dollar
4% Vacancy Y-O-Y %
Submarket
Rate
Basis Point Basis Point
Change
volume topping $9 billion as investors focused on properties along the
Change Change
J and Z trains amid concerns over the L Train shutdown.
Year-over-Year Change

2%
Southern Southeast • The average cap rate remains in the high-4 to low-5 percent range,
0.9% 0 $1,813 3.1%
Brooklyn depending on asset quality and location. Bushwick and Williamsburg
0%
Crown Heights/Prospect properties led transactions.
1.2% -40 $1,798 1.3%
Lefferts Gardens -2%
Outlook: Heightened demand amid a drop off in development has spurred
investors to deploy capital along train stops, with interior neighborhoods
Southwest Brooklyn 1.4% -10 $1,633 1.9%
-4% gaining precedence over the East River coast due to greater affordability.
09 10 11 12 13 14 15 16 17 18 19*

Ditmas Park/Flatbush 1.5% -10 $1,887 -4.2%

Park Slope/Prospect Completions and Absorption Sales Trends

2.0% -60 $2,738 3.6%
Heights Completions Absorption Sales Price Growth

Bed-Stuy/Fort Greene/
Average Price per Unit (000s)

$500 40%
2.9% -60 $2,863 4.0%
Bushwick 12
Year-over-Year Growth
Units (000s)

$375 20%
9
Downtown Brooklyn 3.7% -210 $3,689 5.9%
$250 0%
6
Williamsburg/Green-
3.9% 0 $3,279 1.3%
point/Navy Yard 3 $125 -20%

Brooklyn 0 1.9% -40 $2,279 2.8% $0 -40%

09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

* Trailing 12 months through 1Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate Trends
Brook.lyn United States
12%
 QUEENS 1Q19 – 12-Month Period

CONSTRUCTION Supply and Demand

Completions Absorption Vacancy
4,800 units completed Y-O-Y 12 4%

• Over the past year, the pace of development increased from 4,300

Units (thousands)
9 3%
units to 4,800 as builders focus on more boutique projects in higher-

Vacancy Rate
end neighborhoods. 6 2%

• Two exceptionally large projects are expected to come online before

3 1%
year end: Halletts Point and 5Pointz Apartments with 640 and 1,110
units, respectively. 0 0%
15 16 17 18 19*

VACANCY AND RENT: Investment Highlights:

Supply and Demand
30 basis point decrease in vacancy Y-O-Y Completions Absorption Vacancy
• Transaction velocitySupply
waned and
moderately
Demand over the past year,
1.5 8%
• Net absorption of 5,500 units outpaced supply growth by more fueled by a slowdown in Class A and B deals amid a desire for
Completions Absorption Vacancy

Units (thousands)
than 800 rentals, contracting vacancy by 30 basis points to 1.5 investors
1.0 to hold in the wake of the Amazon announcement,
6%

Vacancy Rate
percent over the past year. 12
which has since been rescinded.
4%

Units (thousands)
0.5 4%
• The average price per square foot reached the mid-$270s,
3% roughly
3.6% increase in effective rents Y-O-Y 9

Vacancy Rate
in line with
0 the previous year, while cap rates remain in2%
the mid-4
• Exceptionally tight conditions sponsored submarket’s average 6
percent range. 2%

rent growth to lift to $2,199 per month. -0.5 0%

3 1%
15 16 17 18 19*

0 0%
15 16 17 18 19*
STATEN ISLAND
CONSTRUCTION Supply and Demand
Completions Absorption Vacancy
0 units completed Y-O-Y
1.5 8%

• Over the past year, developers completed no new rentals, just below
Units (thousands)

1.0 6%
the previous year’s total of 67 units.

Vacancy Rate
• After a dormant 2018, Lighthouse Point Apartments will come to 0.5 4%
market at 5 Bay Street on Staten Island. The project will contain
116 units. 0 2%

-0.5 0%

15 16 17 18 19*

VACANCY AND RENT: Investment Highlights:

230 basis point decrease in vacancy Y-O-Y
• Deal flow remains limited, driven primarily by a lack of listings
• Net absorption soared to nearly 440 units, slashing vacancy 230 amid stable conditions. Cap rates were broadly in the mid-6
basis points to 1.2 percent. percent range.

• The average price per unit was in the low-$200,000s range, spurred
1.6% increase in effective rents Y-O-Y by a focus on high-quality, well-leased assets with an average of less
than 20 units.
• The average effective rent ticked up 1.6 percent to $1,552 per
month, slowing moderately from the 3.7 percent growth rate
recorded in the previous yearlong period.

* Forecast
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
 1Q19 – 12-Month Period BRONX

Supply and Demand

CONSTRUCTION Supply and Demand
Completions Absorption Vacancy Completions Absorption Vacancy
2,60012 units completed Y-O-Y 4% 8 4%
Units (thousands)
• The apartment stock increased considerably over the past year, 3%

Units (thousands)
9 6 3%

Vacancy Rate
rising from 1,800 to 2,600 units on a year-over-year basis. The

Vacancy Rate
pipeline remains robust,6 however, with over 6,000 rentals currently
2% 4 2%
underway in the borough.
3 1% 2 1%
• This year, completions will be led by 1520-1530 Story Ave. and the
third phase of the Compass
0 Residences. Both projects contain more0% 0 0%
15 16 17 18 19*
than 365 units each. 15 16 17 18 19*

Supply and Demand Supply and Demand

VACANCY AND RENT:
Completions Absorption Vacancy InvestmentCompletions
Highlights: Absorption Vacancy
20 basis point
1.5 decrease in vacancy Y-O-Y 8%
• While transaction
8 volume advanced, the average deal
6% size and
Supply and Demand dollar volume declined Supply and Demand
as buyers focused on properties averag-
Units (thousands)

• Net absorption topped1.0 3,320 units over the past 12 months,

Units (thousands)
6% 6
Completions Absorption Vacancy 5%

Vacancy Rate
ing 30 units orCompletions
less. Absorption Vacancy

Vacancy Rate Vacancy Rate

trimming vacancy 20 basis points to 0.9 percent, adding to the
20-basis-point decline
0.5 witnessed
12 a year ago. 4% 4%
• The average
4 8 price per unit topped $190,000 as cap rates
4%pushed
4%

into the mid- to high-5 percent range, driven by the focus on small-
Units (thousands)

Units (thousands)
2.2% 0
increase in effective rents Y-O-Y
9 2% 3% 2 6 3%
3%
Vacancy Rate

er Class B and C assets.

• As demand exceeded-0.5supply6 growth by roughly 30 percent, the 0% 2% 0 4 2%
2%
15 15 16 17 18 19*
average effective rent advanced to16$1,459 per
17 18
month 19*
as vacancy
3 1%
remains extremely tight. 2 1%

0 0% 0 0%
15 16 17 18 19* 15
WESTCHESTER COUNTY
16 17 18 19*

CONSTRUCTION
Supply and Demand Supply and Demand
1,000 units completed Y-O-Y Completions Absorption Vacancy Completions Absorption Vacancy
1.5 8% 8 6%
• Over the past year, completions edged down moderately as
Units (thousands)

Units (thousands)

developers completed roughly

1.0 500 fewer units. 6% 6 5%
Vacancy Rate

Vacancy Rate
• The future pipeline remains elevated, with nearly 2,600 units
0.5 4% 4 4%
expected to be completed over the next 18 months. The largest
projects are located in New Rochelle
0 at 45 Harrison St. and 360 2% 2 3%
Huguenot St., containing more than 280 rentals.
-0.5 0% 0 2%
15 16 17 18 19* 15 16 17 18 19*

VACANCY AND RENT: Investment Highlights:

40 basis point decrease in vacancy Y-O-Y • Amid robust asset performance, investor enthusiasm pushed
• Net absorption more than tripled to 2,030 units, dropping deal flow and dollar volume up dramatically as several Class A
vacancy to 3.9 percent after rising for the previous two years, properties exchanged ownership above $380,000 per unit. Cap
even as supply pressures escalated. rates remain in the low-6 percent range.

• Prices per unit in the broad metro remain in the low- to mid-
2.5% increase in effective rents Y-O-Y $200,000 range, with activity concentrated in Yonkers, Mt. Vernon
• Demand for rentals remains elevated, supporting a rise in the and New Rochelle.
average effective rent to $1,986 per month.

* Forecast
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.
 1Q19* Apartment Acquisitions CAPITAL MARKETS
By Buyer Type
Other, 0.9%
By DAVID G. SHILLINGTON, President,
Cross-Border, 8.6%
Marcus & Millichap Capital Corporation
Equity Fund • International pressures weigh on domestic outlook; Fed remains
& Institutions, 23.5% patient. Amid ongoing trade disputes between the U.S. and China
and slowing growth throughout the European economy, the global
economic outlook has become more cautious. Market volatility,
Private, 64.1%
Listed/REITs, 2.9% combined with muted sentiment, has sponsored a flight to the safety
of Treasurys, pushing the 10-year yield below 2.6 percent. While
domestic growth has moderated recently, the waning impact of the tax
cut stimulus will likely trim forward estimates further. As a result, the
Apartment Mortgage Originations Fed has decided to cease reducing its balance sheet reduction through
By Lender quantitative tightening by September and removed the potential for
100% rate increases through the remainder of the year. The bond market
has begun to price in a much more dovish Fed, with flattening interest
Percent of Dollar Volume

Gov't Agency rates reflecting more caution. Fed officials will likely focus on the
75%
Financial/Insurance
intersection of a global growth slowdown and continued labor market
Nat'l Bank/Int'l Bank
50% strength to refine their plans moving forward, keeping interest rates
Reg'l/Local Bank
CMBS stable for the foreseeable future.
25%
• Abundant liquidity sources balance conservative approach to
underwriting. The availability of debt for apartment assets remains
0%
elevated, spurred by the recent pivot by the Federal Reserve. Sourcing
14 15 16 17 18
will be led by Fannie Mae and Freddie Mac, in addition to a wide
* Trailing 12 months through 1Q19 array of local, regional and national banks, and insurance companies.
Includes sales $2.5 million and greater
Sources: CoStar Group, Inc.; Real Capital Analytics Loan-to-value (LTV) ratios are trending between 65 and 75 percent
on stabilized properties. The decline in interest rates has rewidened
the spread between cap rates and Treasurys, reducing lender concerns
about the risks related to repayment and valuation at maturity.
National Multi Housing Group Development and value-add projects have seen more conservative
John Sebree lending due to concerns surrounding overdevelopment and the length
First Vice President, National Director | National Multi Housing Group of the business cycle, leading to a greater use of alternative financing
Tel: (312) 327-5417 | john.sebree@marcusmillichap.com structures such as mezzanine loans and preferred equity to cover the
additional capital requirements.
Prepared and edited by
Aaron Martens
Research Analyst | Research Services

New York City Ottawa O

For information on national apartment trends, contact:
John Chang J.D. Parker Executive Vice President of Investment Brokerage Mark A
260 Madison Avenue 5th Floor New York, NY 10016
Senior Vice President, National Director | Research Services 275 Bank S
(212) 430-5100 | jd.parker@marcusmillichap.com
Tel: (602) 707-9700 | john.chang@marcusmillichap.com Ottawa, O
John Krueger Vice President/Regional Manager | Manhattan (613) 364-
(212) 430-5100 | john.krueger@marcusmillichap.com
Price: $250
John Horowitz First Vice President/Regional Manager | Brooklyn
1 MetroTech Center, Suite 2001
© Marcus & Millichap 2019 | www.MarcusMillichap.com Brooklyn, NY 11201
(718) 475-4300 | john.horowitz@marcusmillichap.com
Philadelp
The information contained in this report was obtained from sources deemed to be reliable. Every Brooklyn Office
Sean Be
effort was made to obtain accurate and complete information; however, no representation, warranty John Horowitz Vice President/Regional Manager 2005 Mark
or guarantee, express or implied, may be made as to the accuracy or reliability of the information 1 MetroTech Center, Suite 2001 Brooklyn, NY 11201 Philadelph
(718) 475-4300 | john.horowitz@marcusmillichap.com (215) 531-7
contained herein. Note: Metro-level employment growth is calculated based on the last month of the
Manhattan Office
quarter/year. Sales data includes transactions valued at $1,000,000 and greater unless otherwise
noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a John Krueger Vice President/Regional Manager
260 Madison Avenue, 5th Floor New York, NY 10016
future event. This is not intended to provide specific investment advice and should not be considered
(212) 430-5100| john.krueger@marcusmillichap.com
as investment advice.
Phoenix O
Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.;
Experian; National Association of Realtors; Moody’s Analytics; Real Capital Analytics; RealPage, Ryan Sa
Inc.; TWR/Dodge Pipeline; U.S. Census Bureau 2398 E. Ca
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