Northeast/Mid-Atlantic Apartment Occupancy Surges Ahead of National Norms

Apartment markets across the Northeast and Mid-Atlantic regions were – for the most part – operating in a low vacancy as of April. Out of the nation’s 150 largest apartment markets, 26 are located in this region. Eight of those were at least 97.5% occupied in April, including Syracuse, Manchester, Rochester, Albany, Nassau, Worcester, Newark and Allentown. Another five markets were at least 97% full, including New York, Providence, Harrisburg, Bridgeport and Springfield. In fact, all but one of the markets in this part of the country boasted occupancy above the U.S. average as of April. That lone market with occupancy below the U.S. norm was Salisbury, with a rate of 94.6%. The Northeast/Mid-Atlantic region markets have been working with a housing shortage in recent years, leading to tightened occupancy. Low vacancy rates have increased pricing in the area as well. All but one of the region’s markets (Buffalo) logged rent change greater than the U.S. average in the year-ending April. On the other hand, Connecticut markets New Haven and Hartford ranked among the top five nationally for annual rent change as of April.

For more information on the state of apartment markets across the Northeast/Mid-Atlantic region, including forecasts, watch the webcast Market Intelligence: Q2 NYC & Northeast/Mid-Atlantic Region Update.