In 1st quarter 2019, U.S. apartments sustained rent momentum gained in late 2018, and occupancy edged up despite elevated new supply volumes.
Apartment rents rose 3.2% annually in 1st quarter, the second straight quarter in which annual rent topped the 3% mark. Occupancy also ticked up to 95.2%, 10 basis points ahead of the year-earlier rate.
“It’s encouraging for apartment investors to see rent growth holding up so well when the new supply volumes are aggressive,” RealPage chief economist Greg Willett said.
Among local markets, Phoenix and Las Vegas led large markets for annual rent growth. Most of the other top rent performers were markets in the South region.
For a complete list of top-performing local markets, see RealPage’s announcement on apartment market performance in 1st quarter 2019.