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Gainesville Apartment Market Losing Momentum

Gainesville Apartment Market Losing Momentum

The Gainesville apartment market saw steep declines in both occupancy and rents in the past year. The Florida market saw effective asking rent cuts of 1.8% in the year-ending October, which was a big change from the price gains of 4.4% achieved in October 2019. Gainesville saw one of the nation’s steepest occupancy declines in the year-ending October, with a dive of 210 basis points. The only other markets nationwide to see such a steep downturn in occupancy were San Francisco and Midland/Odessa. Despite the decline, however, Gainesville’s resulting October rate of 95.3% is roughly in line with the national norm of 95.7%.