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Occupancy Low in Major Texas Markets

Occupancy Low in Major Texas Markets

While it’s typical for most Texas markets to record occupancy below the national average, performances across the Lone Star State were among the worst nationwide in May. Among the country’s largest 50 apartment markets, the bottom four occupancy showings were in Texas. Houston recorded the nation’s lowest occupancy at 92.8% in May, while San Antonio was not much better at 93%. Dallas and Austin (and Atlanta) tied for the third-worst occupancy showing in the U.S., with a rate of 94.2%. Austin is the one Texas market that generally performs better than the U.S. norm, but even this market saw occupancy fall below the national average in 2016. Austin has also suffered quite a setback in 2020, during the COVID-19 pandemic. While Austin and Houston differ in many ways, both markets have seen occupancy fall 60 basis points since late 2019 – the worst declines in Texas. Fort Worth saw the state’s best occupancy showing as of May, but at 94.4%, that was still the ninth-worst occupancy rate nationwide.