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.
Россия Последние новости, Россия Последние новости
Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей
Murals with Meanings initiative in Jacksonville - Jacksonville Business JournalHearts for Minds turns family tragedy into nonprofit organization and mural art initiative to promote mental health awareness.
Прочитайте больше »
The List: Here's the largest corporate accounting firms in Jacksonville - Jacksonville Business JournalThe List: Here are the area's largest accounting firms
Прочитайте больше »
Murals with Meanings initiative in Jacksonville - Jacksonville Business JournalHearts for Minds turns family tragedy into nonprofit organization and mural art initiative to promote mental health awareness.
Прочитайте больше »
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.
Прочитайте больше »
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.
Прочитайте больше »
Florida lawmakers could target attorney fees - Jacksonville Business JournalOne issue that will be addressed is the impact of what are known as “one-way attorney fees.”
Прочитайте больше »