Hermance Capital
Ten metros, chosen for durability — not headlines.
We study each market's employers, supply pipeline, and resident demand before committing capital — and we track the numbers continuously, not just when they flatter the thesis. Three metros are active today: Indianapolis, Kansas City, and Huntsville, where we're sourcing now. The rest we watch and underwrite deal by deal.
| Metro | Jobs y/y | Population y/y | Rent-to-income | Supply |
|---|---|---|---|---|
| Indianapolis, INActive · view → | −1.1% | +1.02% | 22.1% | 6,075 units delivered in 2025; starts doubled in 2025 — supply re-accelerating into softening jobs. |
| Kansas City, MOActive · view → | +0.2% | +0.77% | 20.8% | 8,563 units under construction (Jan 2026) — a sizable active pipeline. |
| Huntsville, ALActive · view → | +0.5% | +2.64% | 18.0% | 3,257 under construction; deliveries −28% y/y, permits −32% — normalizing. |
| Greenville, SCView → | +2.2% | +1.45% | 22.7% | Pipeline moderated; absorption keeping pace. |
| Wilmington, NCView → | +2.0% | +2.58% | 24.5% | Under construction down 63% y/y; 16.3% vacancy post-surge. |
| Columbus, OHView → | +0.2% | +0.96% | 20.6% | ~11,000 under construction — supply wave still cresting. |
| Omaha, NEView → | +0.5% | +0.96% | 19.3% | 3,477 under construction; zero Q1-2026 deliveries. |
| Des Moines, IAView → | +0.1% | +1.03% | 17.1% | Pipeline thinning fast (−33% vs. 10-year average). |
| Augusta, GAView → | +0.2% | +0.89% | 23.2% | Heavy 2025 deliveries (5.4% of stock); smaller forward pipeline. |
| Chattanooga, TNView → | −0.2% | +0.79% | 23.1% | 2026 completions forecast at roughly one-third of 2025. |
Sources & method
Jobs y/y: U.S. Bureau of Labor Statistics, Current Employment Statistics (metro series), May 2026 preliminary. Population y/y: U.S. Census Bureau, Vintage 2025 CBSA estimates (2024→2025). Rent-to-income: Zillow New Renter Affordability (NRAR), May 2026. Supply: broker and research reports (Yardi, CBRE, Colliers, Matthews, MMG), dated Q2 2025–Q2 2026.
Caveats: May 2026 BLS figures are preliminary and subject to revision. Zillow revised its NRAR back-series, so current values are not directly comparable to pre-2026 readings. Wilmington's supply figure is the oldest in the set (Q2 2025). We refresh this table quarterly.
This page is general market information, not investment advice or an offer of securities. Figures describe metros, not any specific property or offering.
Fundamentals set the table. Underwriting picks the deal.
Strong market data never makes a bad deal good — it just tells us where to spend our attention. Every property still has to clear the same gates, whatever the market: positive leverage from day one, at least $100 per unit per month in real cash flow, debt-service coverage we won't stretch to hit, and a business plan that works without heroic rent assumptions. Every sponsor calls their underwriting conservative; we’d rather show you the gates than claim the adjective. When a metro's jobs soften or its supply re-accelerates, we don't stop watching — we underwrite tighter. Markets earn their place on this list continuously, not once.
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