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Chart Of The Week – December 18th 2023

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Chart Of The Week – December 18th 2023

Picture of Chris Nebenzahl

Chris Nebenzahl

Chart of the Week – December 18th 2023

Top 10 Markets – Largest Percentage Point Occupancy Decline

Supply has been the main story of 2023 and apartment fundamentals have struggled as the generational wave of new supply has delivered. Perhaps the metric most impacted by new apartment construction has been occupancy. After stay flat for the first half of the year, occupancy has been falling since mid-summer. This week’s Chart of the Week examines the markets that have seen the largest occupancy declines over the past twelve months. Many are struggling with new supply such as Austin, Atlanta, Orlando and Charlotte. But even some of the best performing markets from a rent perspective, including Tucson and Albuquerque made the top 10 list, with meaningful occupancy dips. No Gateway markets cracked the top 10 as occupancy and demand have remained relatively healthy.

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Picture of Chris Nebenzahl
Chris Nebenzahl
Chris Nebenzahl is the Director of Economic Research at Radix, where he oversees all macroeconomic and multifamily market analysis. Chris has 15 years of multifamily experience in data analytics, research, asset management and acquisitions. Prior to his time in the multifamily industry Chris was a portfolio manager at Bank of New York, focusing in the government and commercial fixed income sectors.
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