Chart Of The Week – August 28th 2023

As we approach the end of the third quarter, we typically start to see a drop off in occupancy across the country. That down trend has already begun, and in some markets goes all the way back to late 2021. Maintaining occupancy will be key for many owners and property managers as they look to sustain net operating income and keep fundamentals stable if a transaction needs to take place. This week we look at the top 10 MSAs for occupancy. Many are the traditional gateway markets that historically have higher occupancy rates, but a few smaller markets including San Diego, Albuquerque and Baltimore have cracked the top 10.