Chart of The Week – September 10th 2023

We’ve identified a leasing and occupancy trend that proved true once again in 2023. The spread between the leased percentage and the occupancy rate has peaked in the last week of July or the first week of August each of the past 5 years. The large difference between the number of units committed to through executed leases and the number of units occupied could be due to several reasons. Some residents may vacate their existing residence at the beginning of summer and spend time moving, traveling, or living with friends and family before their next lease begins. Families looking to move based on the school schedule may choose to commit to a lease in a new district or area, but not yet move in until the school year commences. There could be many other reasons for the peak in mid-summer, but the trend has remained extremely consistent at the national level for several years.