El Paso’s Apartment Market Runs Out of Gas via Property Management Insider

While apartment market performance results in 2Q 2013 proved strong almost everywhere across the country, there were a handful of exceptions. The big one was El Paso, which experienced big drops in both occupancy and rents of late.

The metro’s 2Q 2013 occupancy level came in at just 92.2%, off 310 basis points on an annual basis and down 550 basis points from the high of 97.7% reached in early 2010. Furthermore, effective rents for new leases backtracked 3.7% between mid-2012 and mid-2013.

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