Axiometrics Inc., a provider of data and advisory services on the apartment market, reports that national effective rents increased by 0.89% from February to March, which is the highest sequential growth rate since the firm began surveying its property database monthly in April 2008. Year-to-date, effective rents have increased 1.81%, as compared to 1.84% over the same period in 2011. The national occupancy rate also increased on a sequential basis for the second consecutive month, rising from 93.61% in February to 93.94% in March. This was the largest month-to-month gain in occupancy since August 2010.
Axiometrics also reports that while development has not yet returned to previous peaks, it is picking up across the country, primarily in markets where effective rents have increased by 10% to more than 20% since December 2009. Currently, the company is tracking approximately 500 properties under construction, and 2,700 in the planning stage, across 188 U.S. markets.
Read more...Research Shows Strong Rent and Occupancy Growth - Multifamily News Headlines – Breaking News, Stories, Top Headlines :: MultifamilyBiz.com
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