For the first time in at least a decade, the amount of supply delivering in lower rent suburbs is far greater than that of higher rent suburbs, according to RealPage Market Analyti
In the most recent REITs earnings calls, operators are navigating a complex landscape shaped by interest rate uncertainty and shifting renter demographics.
April’s positive occupancy increase highlights strengthening apartment demand is carrying forward, according to RealPage.
While robust demand still fell below concurrent rates of new supply, the delta between the two was at the lowest rate in two years.
Just over 54% of renters in market-rate apartments renewed their leases in the year-ending October 2024, amounting to a 120 basis point (bps) climb over last year.
The Texas apartment market has seen notable supply activity, weighing on occupancy rates.
After reigning as the leader for apartment supply volumes in the past year, scheduled deliveries for the near term in Texas are softer.
San Francisco effective asking rents for new-resident leases are down to $2,927 as of September, dipping below $3,000 for the first time in five years. With that pricing slide, the monthly rent difference between San Francisco and neighboring Oakland is down to $266. Given East Bay apartment demand over the past decade was fueled in read more
Apartment supply continues at record levels in 1st quarter, though the pace at which deliveries are hitting the market has fallen considerably.
Class A apartment units are still seeing rent growth, despite occupancy hitting below national norms.