Virginia Beach is a Top Five Occupancy Market
After trailing the national average for much of the past decade, apartment occupancy in Virginia Beach made notable progress recently and now ranks as one of the tightest rates in the U.S. In May, Virginia Beach posted occupancy at a solid 96.4%. Among the nation’s largest 50 apartment markets, this showing was in the top five, surpassed by only New York, Providence, Milwaukee and Sacramento. Furthermore, Virginia Beach was one of only eight large markets to post occupancy improvement during the month. In fact, with an uptick of 30 basis points (bps) since April, Virginia Beach’s recent performance was the best among the nation’s large markets. Although occupancy in Virginia Beach was unchanged year-over-year, that was also a nation-leading performance, as New York was the only other large market that avoided an occupancy decline in the past year.