Developers opened a tremendous number of new apartment units in 2017. But the percentage of apartments that are occupied has barely shifted, despite competition for potential residents. Rents continue to grow in most markets.
“Occupancy is hovering around 95 percent, and that’s a healthy rate, especially with lots of product moving through initial lease-up,” says Greg Willett, chief economist with RealPage Inc., a provider of property management and software services.
Read more...Apartment Occupancy Rate Remains Strong, Though Down from its Peak | National Real Estate Investor