Chart Of The Week – NER and Lagged Traffic



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We are excited to share with you the chart of the week. Through our real-time data, we will build a series of visuals, charts and graphs depicting the most important trends happening in the multifamily industry.

NER vs. Lagged Traffic

After analyzing our NER and Traffic data from properties across the country, we have found a close relationship between traffic and year over year NER growth. Data shows that NER growth peaks roughly 32 weeks after traffic peaks, as it takes about 7 to 8 months for new demand to make its way into rents. We expect a similar trend to prove true on the downside as well and if that is the case, it would portend a bottoming out for NER growth in about 6 months. Traffic has been declining steadily this year but appears to have reached a bottom over the past 4-6 weeks. A continuation of this trend would indicate that NER growth will decline until about March 2023, before increasing again.

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