Top and Bottom Markets for Proportional Share of High-Rises

Apartment performance in high-rise properties was deeply affected by lockdowns and government restrictions during the COVID-19 pandemic, with rent change and occupancy experiencing the deepest declines among product types throughout 2020 and 2021. As work from home and hybrid workplace situations continue to evolve, high-rise apartment performance continued to face headwinds alongside the office sector, particularly in Central Business Districts or urban core areas lacking significant work and play infrastructure. Still, high-rise living remains attractive to renters in many markets nationwide, especially in areas with vibrant social amenities or scenic views. High-rise properties, defined as seven stories or greater, are most concentrated in New York. Some 74% of the market’s housing sample set qualifies as high-rise buildings, according to data from RealPage Market Analytics. This volume is nearly double the amount seen in the next highest market, Miami, where about 40% of existing stock qualifies as high-rise. In Miami, the outsized share of high-rise assets is heavily clustered in the urban core, as well as along the scenic coastal side of the metro. Washington, DC, Chicago and Cleveland round out the top five markets with the highest share of high-rise assets due to their large local and more established urban core neighborhoods. The markets with the lowest share of high-rise properties are generally affordable, less dense metros with comparatively smaller populations. High-rise properties in Sacramento, Greensboro and San Antonio make up 1.2% of their respective market's total. Las Vegas follows closely with high-rises comprising 1% of its apartment market. Meanwhile, apartment stock in Fort Worth is less than 0.5% high-rise assets.