Youngstown Boasts Nation’s Tightest Apartment Occupancy
While apartment occupancy remains tight almost everywhere, nowhere is it tighter than in Youngstown. As of July, occupancy in this small town on the Ohio/Pennsylvania border clocked in at 99.7%, the highest reading among the nation’s largest 150 markets, according to data from RealPage Market Analytics. Youngstown has likely benefited from its proximity to Cleveland/Akron and Pittsburgh, as many renters have sought more affordable living options throughout the pandemic. As of July, rents in Youngstown averaged $847 per month, the nation’s second-lowest monthly rent (behind only Wichita, KS) and well below the roughly $1,100 to $1,400 average monthly rents in Cleveland/Akron and Pittsburgh. Tight occupancy in Youngstown is also the result of limited new supply. Over the past five years, the market has only received around 150 new apartment units. Despite extremely tight occupancy, apartment operators in Youngstown have not implemented dramatic rent hikes like most other markets nationwide. Even though Youngstown’s 6.2% increase in effective asking rents during the year-ending July was the biggest annual hike on record for the market, it was among the 10 weakest performances nationally.