Rent & Trend Report: August 9th
Apartment Market Showing Slight Dips in Operating Statistics

With the coronavirus pandemic continuing to rage in many parts of the country, the week ending on Aug. 9 showed most of the major apartment metrics experiencing slight declines, according to Radix data. National occupancy and leased percentage rates were flat.

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With the coronavirus pandemic continuing to rage in many parts of the country, the week ending on Aug. 9 showed most of the major apartment metrics experiencing slight declines, according to Radix data.

 

For example, the average apartment community in the U.S. had a traffic number of 9.37 leads, down from 9.54 leads during the preceding week. Also, the average property signed 3.24 new leases, a dip from 3.43 new leases the week before.

 

Meanwhile, the national occupancy and leased percentage rates were essentially flat on a week-over-week basis, while the metrics’ year-over-year deficits continue to shrink.

 

Unfortunately, while the national net effective rent was also slightly down WoW, its YoY gap is growing.

 

Here are some of the specific numbers from the week of Aug. 9:

 

  • Nationally, traffic and leases were down WoW by 2.4% and 4.7%, respectively. 

 

  • Traffic was down 15.7% compared to the same time last year; that marked its lowest YoY gap since the pandemic hit in mid-March. 

 

  • Five metropolitan statistical areas – Orlando, Fla., Portland, Ore., San Diego, San Jose, Calif., and Seattle – had higher YoY traffic numbers. 

 

  • On a national basis, leases were up 2.9% YoY.

 

  • The national occupancy and leased percentage rates stood at 93.95% and 95.31%, respectively. 

 

  • Occupancy was unchanged from the preceding week, while leased percentage was down just a sliver – 0.1% – WoW. Both metrics also were down when compared to the same time last year – occupancy by 0.6% and leased percentage by 0.4%. 

 

  • Five MSAs showed YoY improvements in occupancy rates, with Riverside, Calif., leading the way with a 1.6% increase.

 

  • At $1,665, the national NER dipped just O.1% from the week before, but the number was down 8.1% from the same time in 2019. Of some concern, NER’s YoY gap continues to grow. 

 

  • As for individual markets, three MSAs saw YoY improvements in NER. Phoenix saw the biggest jump, with an annual increase of 1.8%.

 

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