691: The Midwest Is Outperforming The High Growth Markets

Although many of the southern U.S. markets are oversupplied with new multifamily apartments and facing challenges, midwestern markets are seeing higher occupancy levels and growing rents. These markets have also experienced only moderate expense increases. Harrison Riley, Founder of Glass Beach Ventures, specializes in multifamily in Cleveland and Erie, PA. He buys older buildings from $40,000-$60,000 per unit and implements value-add business plans where he can raise rents up to 100%. He manages properties in-house in order to control all aspects of operations.