Florida Beach Market Claims Nation’s Worst Occupancy Decline

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Crestview-Fort Walton Beach-Destin logged the steepest decline in occupancy among the nation’s 150 largest apartment markets in the year-ending July 2023. In July, occupancy in Crestview-Fort Walton Beach-Destin hit 93.9%, down 340 basis points (bps) year-over-year – the deepest annual decline among the top 150 markets, according to data from RealPage Market Analytics. July’s reading also falls about 280 bps below the market’s five-year occupancy average of 96.6%. Softening occupancy has been seen nationwide, though the degree to which that softening has occurred has been more severe in Crestview, which also experienced extreme occupancy highs during the first year or so of the global pandemic. Nationwide, occupancy hit 94.9% in July. Meanwhile, neighboring Pensacola has seen occupancy dip 280 bps year-over-year to stand at 94.5% in July. Occupancy in Mobile/Daphne, AL has maintained relative strength, though still dipped 130 bps in the year-ending July.