Mid-Atlantic Apartment Markets Log Limited Supply and Solid Occupancy

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The Mid-Atlantic region was among the nation’s leaders for apartment occupancy in April 2024. Average occupancy of 95.2% across the Mid-Atlantic markets was the second strongest showing in the U.S., beat only by the rate of 96.6% in the neighboring Northeast region. Regions that logged occupancy close to the Mid-Atlantic rate in April were the Upper Midwest and the West Coast. The remaining regions logged average rates around the U.S. norm (94.2%) or lower. The Mid-Atlantic region – home to Washington, DC, Newark, Philadelphia and Pittsburgh, among others – has benefited from strong demand and mild new supply recently. Just over 30,000 units were absorbed here in the year-ending 1st quarter. While concurrent deliveries were a bit higher at about 50,000 units, that’s relatively moderate compared to some other areas, and those completions expanded the existing apartment base by just 1.9%.

For more information on the state of the Mid-Atlantic region apartment market, including forecasts, watch the webcast Market Intelligence: Q2 2024 Mid-Atlantic Region.