Moody's Analytics CRE released a year-to-date analysis of multifamily effective revenue per unit performance in 82 top markets. There were some significant differences by region, raising the question of what was driving the differences.

The effective revenue per unit definition is the occupancy rate multiplied by the effective rent in dollars per unit. Out of the top five, three were from the Southern Atlantic region, one from the West, and one from the Midwest. Their year-to-date effective revenue per unit changes ran from 3.1% (Lexington, KY) to 5.2% (Columbia, SC).

The bottom five comprised two from the Northeast, one Western, one Southwestern, and one Southern Atlantic. They ran from -2.4% (Long Island, NY) to -3.6% (Fairfield County, CT). And yet, the Northeastern region had the largest increase in effective revenue, being 50 basis points above the national average, which was a 0.16% drop, likely to stay flat next year due to "a banner year for completions."