Middleburg Markets Report Q3 2021

Middleburg Communities is pleased to present our Middleburg Markets Report for the 3rd quarter of 2021. This report summarizes our current thinking about the rental housing market both nationally and in those markets that we most closely evaluate for development, acquisition, or other forms of investment.

Especially at a time like this when the largest real estate investors in the country—and increasingly from overseas as well—have trained their attention on the Southeast and Southwest states, we at Middleburg believe that we derive an important advantage from our deep familiarity not only with the largest markets in the region but also with smaller secondary and tertiary markets that may offer particularly appealing opportunities to the most attentive and informed investors. You will see that in this report we summarize conditions and outlook not only for the 15 largest metro areas in our territory but also for a selection of the smaller markets that we keep continually in our range of vision.

With this report we would like to introduce its principal author, Middleburg’s new Chief Economist and Director of Research. Dr. Brad Case, PhD, CFA, CAIA has been studying housing and housing finance—both single-family and multifamily, and both ownerand renter-occupied—for more than 30 years. His career has included a PhD from Yale University, where he worked with Nobel prize-winning economist Dr. Robert Shiller, as well as positions as an economist with Fannie Mae, Nareit, and the Federal Reserve Board.

We hope you will consider Dr. Case a resource as you make your own decisions regarding investment in the rental housing asset class. Middleburg has always been proud of our consistently strong performance in all aspects of the rental housing industry, and of the data-driven approach that informs our decisions. We hope you will value this report as we value the analysis that it reflects.