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Axiometrics: Apartment Occupancy Dips
At one time, it seemed as though multifamily occupancy could head only up; as fast as apartments were being built, people were leasing them. But Axiometrics, which tracks apartment and student housing metrics, indicated that the occupancy trend has been downward since September 2016. The national occupancy rate in January 2017 was 94.4%, lower than December 2016’s 94.5%, and January 2016’s 94.7%.
Seasonality plays a big factor in lower occupancy, according to the company’s “January 2017 Market Trends” report. And, overall, the national apartment market remains steady, “as annual effective rent growth declined by only 1 basis point to 2.1%, and the average rent level increased for the first time in five months,” the report noted.
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