Northeast Region Logs Nation’s Tightest Apartment Occupancy

  in   Insights

While apartment occupancy in Northeast markets generally trends higher than the national average, the difference from the rest of the nation has become especially noticeable recently. Among the nation’s largest 291 apartment markets, those in the Northeast logged an average occupancy rate of 96.3% at the end of 2023. That was nearly a full percentage point ahead of the next highest region – the neighboring Mid-Atlantic area. Tight occupancy across the Northeast was inspired by stable demand drivers and minimal supply pressure. Among Northeast apartment markets, average occupancy was tightly clustered in 2023. On the high end, occupancy was at 97% or greater in Utica, Rochester, New York, Manchester and Springfield, while rates were just shy of 97% in Buffalo and Providence. In fact, the only Northeast market with occupancy below 95% was the small Watertown-Fort Drum, NY metro area, which was the clear outlier with a rate of 92.3%.

For more information on the state of apartment markets in the Northeast, including forecasts, watch the webcast Market Intelligence: Q1 Northeast Region Update.