Weak new-lease demand has pushed apartment occupancy below pre-pandemic highs, according to the latest data from RealPage.
While November occupancy clocked in at a relatively high 95.1%, it's below the November 2019 watermark of 95.6% and fell 20 bps in the last month and 240 bps year-over-year.
The issue, according to RealPage, "is at the front door." Turnover last month was the second-lowest for any November on record, but leasing traffic among prospective renters ranked as the weakest for any November in eight years. RealPage analysts note "there's little evidence that renters are doubling up to any significant degree."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
