After Briefly Matching National Norm, Southeast Apartment Occupancy Falls
After occupancy in the Southeastern apartment markets temporarily exceeded normal operating procedure in 2021, rates have rebounded back to normal in recent months. In the three years ending in 3rd quarter 2020, apartment occupancy in the Southeast underperformed the U.S. average by about 70 basis points (bps) before a brief period when rates improved notably, essentially matching the U.S. average. This was uncharacteristic of the typically high-vacancy Southeast region. In the past few quarters, however, the Southeast apartment market has reverted to its long-term average, registering a few ticks below the national norm. The recent occupancy decline in the Southeast may seem drastic, but the U.S. overall has also lost steam in recent months.
For more information on the state of the Southeast U.S. apartment market, including forecasts, watch the webcast Market Intelligence: Q1 Southeast Region Update.