Top 5: Recent Market Occupancy and Rent Growth

While multifamily performance in 2020 has not been what the industry had grown accustomed to in the latter half of the last decade, it is not as though occupancy and rent gains have entirely disappeared across the country. With that in mind, let’s look at some markets that have led the way in either average occupancy growth or average effective rent growth since the start of the second quarter – with one caveat. Because many markets have managed to defend occupancies at the expense of rent growth, or the reverse, markets included below met the additional criteria of realizing gains in both metrics.

Top 5 Markets – Average Occupancy Growth

  1. Sioux Falls, SD (+4.5%)
  2. Albany, GA (+3.8%)
  3. Monroe, LA (+3.5%)
  4. SE Washington, WA (+3.2%)
  5. Montgomery, AL (+3.1%)

Top 5 Markets – Average Effective Rent Growth (unit)

  1. Fayetteville, NC (+2.8%)
  2. Boise, ID (+2.3%)
  3. Albany, GA (+2.2%)
  4. Springfield, IL (+2.2%)
  5. Memphis, TN (+2.1%)

For more information at the market level, ALN provides complimentary monthly and quarterly Market Review reports.

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