DALLAS--The national apartment market recorded a monthly occupancy rate of 95.3 percent last month, along with annual effective rent growth of 5 percent--the fourth straight month the metric was at or above 5 percent, according to a new report from Dallas-based Axiometrics.
The four-month 5 percent rent-growth streak was the first since May-August 2011. The rate was also the highest May figure since the 5 percent of May 2011.
The May occupancy rate, a 12-basis-point (bps) increase from April and a 28-bps increase from May 2014, was the highest since Axiometrics started monthly reporting in 2008, topping the 95.2 percent of August 2014. Based on quarterly reporting before that, the rate was the highest since the 95.7 percent in the first quarter of 2001.
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