Union and business interests came to an agreement that is expected to add 14,000 jobs to the area, according to the news source. Many of these workers may look for rental housing, suggesting new business for rental agents and property managers.
Marcus & Millichap predicted a significant drop in vacancies, and Multi-Housing News notes that a variety of companies are considering relocating employees to the city. Asking and expected rents could increase by as much as 2 and 3 percent, respectively. Low construction rates of multifamily housing may create an opportunity for landlords to fill single-family and other rentals with the influx of jobs.
MHN also notes that a recent Center for Automotive Research report ranked General Motors as the largest automaker in the world, a place it had previously lost to competitors. Expansion of the auto industry is projected to be a major driving force in the metro area, feeding into significant rent growth during 2012.