DALLAS—The US apartment market performance metrics for April show a mixed bag of results, says a report by RealPage. Survey results for 9.1 million multifamily units across the country show April's occupancy rate at an average of 95.4%, drifting down a mild 20 basis points from the March result to a level that matches the performance from April 2019.

The more telling comparison point may be to go all the way back to the occupancy figure from mid-2008 prior to the Great Recession. Viewed from that perspective, April's occupancy of 95.4% is encouraging, coming in 160 basis points over the mid-2008 reading. That occupancy premium provides some cushion for the decline that is to come. Furthermore, it may help landlords limit the magnitude of near-term rent cuts, at least to some degree, says the report.

With so many households staying at home, strong resident retention for expiring leases is helping boost occupancy. About 53% of renters chose to stay in place at lease expiration in 2019 and early 2020, and that figure inched higher in recent weeks. Furthermore, some who had informed apartment operators of intentions to leave later rescinded those move-out notices, either signing short-term leases until the health crisis becomes more manageable or leasing on a month-to-month basis.