National Apartment Occupancy Tops 95%
2014 YTD Rent Growth Strongest of Recovery via Axiometrics
National apartment occupancy reached 95% for the first time in at least six years in May 2014, according to research from Axiometrics, the leader in apartment data and research.
Additionally, effective rent growth for the year to date ending in May was 3.7%, the highest growth since the trough of the recession. With both improving occupancy and rent growth despite increasing unit deliveries, the apartment market is performing at a very high level.
“Axiometrics began tracking apartment data on a monthly basis in April 2008, and this is the first time since then that occupancy has been 95%,” said Stephanie McCleskey, Axiometrics’ Director of Research. “We tracked quarterly before that, and the second quarter of 2001 was the last time the market was at 95% for a quarter. It’s a pleasant surprise because it’s coming at a time when new supply is flooding the market.”
According to Axiometrics’ recently released May 2014 Market Trends Report, May saw a 20 basis-point (bps) increase in occupancy from the 94.8% recorded in April 2014, also the previous monthly high. Occupancy was 94.8% in August and September 2013.
“The national occupancy rate has increased steadily each of the past four months and is higher than the 94.7% recorded in May 2013,” McCleskey added.
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