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2nd Tier Blues

We have noted that real estate investors are increasingly adding 2nd-Tier Cities to their portfolios – the downside? Names like Nashville, Columbus, and St. Louis are now among the 10 regions with the strongest rent growth in the second quarter of this year. The very people that have made Duluth, Minnesota Outdoor Magazine’s “Best City in the United States” and Nashville the “Country Music Capital” may soon not be able to afford to live there. Seniors, musicians and artists, and many young people cannot afford to live where rent now eats up 30% of their income. Economists say landlords are able to pass on large rent increases because of strong demand. Job opportunities and quality of life are drawing residents relocating from expensive cities in the Northeast and West coasts. Will developers embrace smaller, less expensive units, which cities like New York have experimented with, or as “The New York Times” asks, “Will Nashville Renters Sing the Blues?”

Susan Phillips, CEO SelectLeaders
August 20, 2014

About the SelectLeaders Job Barometer

The SelectLeaders Job Barometer, published since 2006, is the foremost survey of employment opportunities, trends, and hiring practices in the commercial real estate industry.

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SelectLeaders powers the Career Centers for 9 premier real estate industry Associations (whose members control or direct 90% of commercial real estate). Jobs are from all sectors and all levels with 29% paying over $100,000. SelectLeaders Job Network offers unequalled access to the Real Estate community. To learn more visit or visit our Job Network Career Centers: BOMA, CCIM, CREFC,, NAIOP, NAREIM, NAREIT, NMHC, PREA, Project REAP, ULI, NRHC

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