National Occupancy Returns to Pre-Pandemic Level
Persistently low demand and a very active construction pipeline have combined to send national average occupancy to its pre-pandemic level.
Persistently low demand and a very active construction pipeline have combined to send national average occupancy to its pre-pandemic level.
2022 has been an unusual year for the multifamily industry, but one point of consistency has been active turnover for property managers.
Rent growth finally succumbed to the gravity of negative net absorption in November after months of steady declines.
Tampa was at the forefront of the multifamily recovery last year and has similarly typified the challenges of the new environment.
With the end of the year approaching, it is time for a check-in on the multifamily new construction pipeline.
Strong in-migration markets over the last few years are well-represented among those with the most active construction pipelines.
National average effective rent growth has continued its tear so far this year, but July did provide some change at the market level.
Average occupancy has been on the decline in recent months, but thanks to last year’s apartment demand, plenty of cushion remains.
2022 is already another year of dramatic changes for the multifamily industry. Last year’s rent growth has persisted, but demand has not.