Florida Occupancy Falls Below U.S. Norm

  in   Insights

Apartment occupancy across Florida is now below the U.S. average for the first time in two years. Statewide occupancy came in at 95.6% in 3rd quarter 2022, a few shades below the 95.9% average across the nation. Florida’s latest occupancy showing is about in line with the pace the state was setting before the 2020 pandemic period. Starting in 2021, apartment occupancy in the Florida markets took off at a notable pace, as the work-from-anywhere trend triggered domestic migration into beach-adjacent markets. Occupancy in Florida peaked at 98% in 1st quarter 2022 before falling notably in the last six months.

For more information on the state of the Florida apartment market, including forecasts, watch the webcast Market Intelligence: Q4 Florida Update.