Chart Of The Week – July 16th 2023

Many apartment fundamentals have varied across markets, as traffic remains strong in sunbelt markets, while NER growth remains positive in some Gateway and small southwestern markets. However, one metric has consistently declined across the nation. After Chicago’s occupancy fell last week, all markets tracked by Radix Research are currently experiencing negative occupancy growth on a year-over-year basis. Salt Lake City, Riverside, Atlanta, and San Antonio have the worst performing occupancy, as the market rate has fallen 2% or more over the past year. Other markets including Chicago, Minneapolis and Denver have fared better. Either way, all markets are now in the red in terms off annual occupancy performance.