Marcus & Millichap

Green Bay / Fox Valley Multifamily Market Report

Third Quarter 2018

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Fox Valley Showing Signs of Robust Performance

Rising tenant demand boost prospects, driving strong increase to supply. Stable employment growth coupled with a lower cost of living are spurring greater household formation in the Fox Cities region. An estimated 20,000 households will be created over the next five years, supporting property metrics in the area, a positive sign for the robust increase to inventory underway. A large presence from the University of Wisconsin system, with campuses in Green Bay, Menasha, Oshkosh and Fond du Lac, along with other local colleges, supplies the valley with many traditional renters. Steady rental demand along with land and construction costs well below other Midwest markets have developers moving quickly to build new apartments. This year roughly 1,200 units are forecast for delivery, the greatest increase to inventory of the current cycle. The lease-up of new properties will extend into next year with tenants having more options to choose from, boosting the vacancy rate at a substantial clip. Despite the rise in availability, rent growth will maintain its upward trajectory.

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