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Portland, ME Occupancy Surges

Portland, ME Occupancy Surges

In September, Portland-South Portland, Maine logged one of the largest occupancy rebounds among the country’s 150 largest apartment markets. The 90-basis point surge from August to September took occupancy to 97.6%, a small gain over the market’s year-earlier occupancy as well. Generally one of the fuller apartment markets in the nation and in the Northeast, Portland has managed to side-step the steep dip in occupancy seen in most of the major apartment markets nationwide amid the coronavirus pandemic. Portland’s occupancy trough of 96.3% in May was still stronger than the national norm and began rebounding the very next month. Effective asking rent change has also been climbing since May, landing at 2.4% annual growth in September.