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Chart of The Week – September 24th 2023

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Chart of The Week – September 24th 2023

Chris Nebenzahl

Chris Nebenzahl

We are excited to share with you the Chart of the Week!

Revenue per available unit (RevPAU) combines net effective rent with occupancy for a single metric to analyze the strength of performance at the property, submarket and MSA level. Over the past 12 months, the leading markets for RevPAU performance are tertiary sunbelt markets and northern Gateway markets. Tucson leads all markets with year-over-year RevPAU growth of 4.7%, while Austin trails all markets with RevPAU falling 7.6%. Interestingly, the top two markets for RevPAU performance, Tucson and Charleston are in close proximity to some of the weakest performing markets including Atlanta, Orlando, Nashville and Phoenix. As populations have grown in major sunbelt markets, so too have rents and new supply. Outmigration to smaller but close tertiary markets is common when a major runup in rents takes place.

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