May 2013 Apartment Market Summary via Axiometrics

The apartment market posted positive results in May 2013. Annual effective rent growth was 3.34% while the occupancy rate increased 35 basis points (bps) from a year ago. Despite the recent, consistent slowing trend in effective rent growth at the national level, results did bump up slightly from April 2013 to May 2013, even though 73,629 units have already delivered across the country this year.

A number of differences become apparent when breaking the results down by asset class: All three asset classes (A, B, and C) increased effective rent growth from April to May; however, Class A only improved by 5 basis points, thus annual growth now sits at 2.82%. While Class A only showed a small improvement at the national level, there are several individual Metropolitan Statistical Areas (MSAs) that showed a stronger rebound for that class of property.

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