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National Apartment Performance Remains Steady
National apartment annual effective rent growth and occupancy figures continued steady in October 2017. October’s 2.1% annual effective rent growth rate didn’t budget from that of September 2017, according to RealPage’s Axiometrics. However, the growth was 44 basis points (bps) lower than the 2.6% reported in October 2016, and 275 bps below the 4.9% of October 2015.
Meanwhile, the national occupancy rate of 94.7% was 13 bps lower than the 94.9% reported in October 2016, and below October 2015’s 95.1%. Much of the decline is due to seasonality, though the Axiometrics report points out that rent growth rate has been within a 41-bps range for the past year, with occupancy remaining in a 55-bps range.
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