Strong Occupancy Persists in the Upper Midwest

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Tight apartment occupancy persists in the Upper Midwest region, consistently outpacing the national average. At 95.1%, Upper Midwest regional occupancy in May was nearly 100 basis points (bps) higher than the national norm. This same time last year, the gap between this region - which includes the markets of Chicago, Minneapolis and Indianapolis - and the U.S. was smaller at 80 bps, and two years ago the spread was even more modest at 60 bps. In fact, among the 48 markets RealPage surveyed across the Midwest, only two logged an occupancy rate below the national average as of May. Indianapolis was 93.4% occupied as of May, while the occupancy rate was at 89.6% in the small Muncie, Indiana market.

For more information on the state of apartment market across the Upper Midwest region, including forecasts, watch the webcast Market Intelligence: Q2 Upper Midwest Update.