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Apartment Occupancy Posts First Monthly Increase Since Early 2022
The national average for apartment occupancy ticked up month-over-month to stand at 94.2% in
April 2024, RealPage Market Analytics said Friday. Marking the first monthly increase since February 2022, the April average is a “mild” 10 basis points above March’s reading, according to RealPage.
The uptick was seen nationwide, with all four apartment regions – Northeast, Midwest, South and West – recording occupancy strengthening by 10 bps between March and April.
“April’s positive occupancy increase highlights strengthening apartment demand is carrying forward
from the highest-ever first-quarter tally – which saw more than 100,000 units absorbed on net,” said RealPage senior director of research and analysis Carl Whitaker. “It also suggests demand trends are returning to more normal seasonal patterns whereby the late spring/early summer months see the strongest demand.”
April rent growth was also on the mild side at 0.2%, with year-over-year increases of just 0.1%. “Improved demand and stabilizing occupancy – yet tepid-at-best rent growth – highlights the current imbalance of supply and demand across the nation,” Whitaker said.
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