Same-store effective asking rents for new leases nationally fell 0.59% in November, according to Richardson, Texas-based RealPage Inc. Not only is it the third month in a row of declines, but November was the third-largest month-over-month cut since 2010. The other two months that posted bigger reductions since 2010 were April and May 2020, at the onset of the Covid-19 pandemic.
Apartment occupancy nationally has fallen slightly below pre-pandemic highs as a result. Occupancy in November was at 95.1%, less than the 95.6% occupancy observed in November 2019. "Supply is structural but demand is cyclical," he continued."For 2023 in particular, it’s very unlikely that demand will keep pace with supply. Some of these lease-ups will take longer to fill up. It's going to be very, very competitive."
Areas like Fort Walton Beach, Florida, and Boise, Idaho saw the biggest month-over-month cuts last year, or about 2%. Honolulu and Vallejo/Fairfield/Napa, California, saw year-over-year declines last month. That may suggest destination-type markets are seeing an outsized slowdown in apartment demand than other markets.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How tech layoffs are impacting the Phoenix area's office market - Phoenix Business JournalSome of the Valley's biggest office deals that predated the Covid-19 pandemic have come from tech firms such as Carvana, DoorDash, Opendoor, Amazon.com, Nextiva and more. Now, some of them — and others — have announced layoffs and could be looking to shed some office space.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Minority-owned businesses land big contracts for Super Bowl LVII - Phoenix Business JournalDozens of diverse, small business owners gathered at the Cardinals stadium on Wednesday to network with other companies and to secure remaining contracts for the Super Bowl in 2023. Meet some of the businesses who have been able to score contracts around the big game.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Carvana responds to reports of liquidity issues, share swings - Phoenix Business JournalShares of the Tempe-based online used-car dealer had a wild ride on Wall Street this week, with another analyst casting doubts on the company's future on Friday amid a debt squeeze and tightening margins due to vehicle price pressures. Carvana shot back with a response sent to the Business Journal regarding its financial outlook.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Governor-elect Katie Hobbs, other new Arizona leaders have clean energy opportunities - Phoenix Business JournalIn this guest column, a trade association executive looks at the ways Arizona will be able to take advantage of billions in new federal funding aimed at boosting the clean energy sector. Big govt for everybody!!! Yayyyyyyyyy!!! New state leaders are Republicans, and they hate energy that is not a fossil fuel.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Outside Voices: Preparing for inflection points in your business - Jacksonville Business JournalAs year changes, think of what changes might be on the horizon for your business.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Outside Voices: Preparing for inflection points in your business - Jacksonville Business JournalAs year changes, think of what changes might be on the horizon for your business.
Source: JaxBizJournal - 🏆 599. / 51 Read more »