We are excited to share with you the Chart of the Week!
Markets struggling with new supply issues are facing dual pressures from occupancy and net effective rent declines, resulting in significant performance issues. Many sunbelt markets in the southeast and southwest are grappling with rapidly declining revenue per available unit. This metric considers net effective rent and occupancy to determine the total revenue across all units at a property.
In Las Vegas, RevPAU is down more than 10% on a year-over-year basis. There is also a significant delta between NER declines and RevPAU declines in markets like Phoenix, Nashville, Salt Lake City and Austin, which means not only are rents declining in these markets, but occupancy is falling quickly as well, resulting in the greater operating weakness. New supply is the main culprit in many of these metros, however overall demand has softened over the past two years as well.
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