Chart Of The Week – December 18th 2023
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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