The U.S. apartment market finished the third quarter with an annual effective rent growth rate of 3.64% in September, while the occupancy rate climbed to 94.55%, according to Axiometrics Inc., the leading provider of apartment data and apartment market research. Revenue growth, which combines the effective rent and occupancy growth into one number, measured 1.05% from the beginning to the end of the third quarter, as compared to 1.08% over the same period in 2011.
New apartment supply coming online has yet to have a significant impact on pricing, though annual effective rent growth for the full third quarter was 3.7%, down from 4.0% in the second quarter. According to Axiometrics, during the third quarter more than 28,000 new units were introduced to the market, which was almost as many as were delivered in the first six months of the year combined (31,593).
Read more...Axiometrics Reports Stable Occupancy and Effective Rent Growth for U.S. Apartment Market During September - Business - Press Releases | NBC News
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