For the third straight month, national apartment occupancy stood at 94.2% in July. Effective asking rents grew 0.3% during the month, a 10-basis-point increase over July 2023 but below the typical July pace in the 2010s, according to RealPage's July apartment update.
Apartment rents rose 2.2% year-over-year, in line with the year-to-date 2023 pace, RealPage said.
The use of concessions is leveling off as well in the market. About 14% of units offered a concession in July, about the same as in June. The average discount offered increased slightly to 28 days.
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.
