Renewals Supporting Tight Occupancy in Northeast and Mid-Atlantic Markets

The Northeast and Mid-Atlantic region continues to lead the nation in apartment occupancy rates, with markets showing limited availability and consistently high demand. This is not a new trend, as Northeast and Mid-Atlantic markets typically maintain an occupancy premium over the national average. Before the 2020s, occupancy in these markets averaged about 50 basis points (bps) ahead of the national norm. That premium closed a bit in recent years, a performance driven by exceptional lease retention. Renewal conversion, defined as the percentatge of expiring leases renewed, was at 61.6% in the Northeast and Mid-Atlantic region in 3rd quarter. That was very close to the all-time high of 62.3% from earlier this year and was also ahead of the national average by nearly 600 bps.

For more information on the state of apartment markets in the Northeast and Mid-Atlantic, including forecasts, watch the webcast Market Intelligence: Q4 Northeast/Mid-Atlantic Update.