Chart Of The Week – August 14th 2023

One of the most consistent headlines in multifamily over the past 24 months has been declining occupancy. Of the 33 MSAs tracked by Radix Research, none have experienced year-over-year occupancy growth. On a more granular level, 85% of the nation’s submarkets have current occupancy rates below their levels from this time last year. However, there are a few submarkets leading the way, with strong annual occupancy growth. The I-820 submarket in Dallas, Aurora-Central-Southwest in Denver, Pinellas Beaches in Tampa and East Lake County in Chicago all have seen occupancy rise by 3% or more. The rest of the top 10 submarkets for annual occupancy growth are scattered across the country and no MSA is represented more than once.