All multifamily spreads (Class A/B, Tier I/II, stabilized/value-add/development) compressing...pic.twitter.com/VO3irUPqJx
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Tier II/III markets are definitely more challenged in a downturn. Usually smaller cities with less diversified economic bases, so less able to withstand the pain. Lots of sunbelt metros that have seen high growth but have potential for bust as well.
Good point about the industry concentrations. It helps to have a diversified economy where you're holding. What about diversified tier 3? Texas did fine in last crash. Florida did not but has a less diverse economy. Pittsburgh & Jacksonville I think are diversified. Nashville?
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All about being diverse in the right thing at the right time. Doesn’t help if everything you’re good at goes up in flames at once. Nashville has a decent mix of health/logistics/automotive. Massive job growth, but massive residential boom too. Will it bust? No idea.
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