Apartment Occupancy in Lexington Hits an All-Time High
The Lexington apartment market continued its upward trajectory, with occupancy reaching an all-time high in recent months. With occupancy of 95.9% in 3rd quarter, this was the first time the market has surpassed the national norm, which averages 95.7%. While that small difference may be splitting hairs to some degree, it’s important to realize that Lexington occupancy typically ranks in the bottom one-third of the 150 markets tracked by RealPage. Putting this into further perspective, Lexington entered the 2010 decade with a much weaker occupancy rate of 88.8% and has averaged 93.4% over the past ten years. As of 3rd quarter, all product types have occupancy between the 95% and 96% mark, with the Class B units seeing the most year-over-year improvement of 60 basis points (bps).