Radix

Public Web Scraping Data Will be Available for Free Starting July 1 to Radix Clients Only.
Read more in our Press Release
We just launched the 2024 Midyear Review & Second Half Outlook.
Download today
Previous slide
Next slide
Radix Logo

Rent and Operating Trends Week of March 14th 2021

Share this post :

As we continue to report Rent & Operating Trends Data and leading indicators traffic, occupancy, leasing, and net effective rent (NER), we are happy to share that we’ve expanded our sampling and added Jacksonville, Raleigh, and Salt Lake City into the regular rotation of markets.

 

After last week’s surge in leading indicators, weekly leases and traffic fell to more sustainable but still-healthy levels in the most recent seven days. While occupancy held steady on a week-over-week basis, both leased percentage and NER continued to push higher. 

Last week marked the one-year anniversary of the Covid-related lockdowns that rapidly gripped the nation. As a result, expect to see a transitioning of trends. Alternately, in the coming weeks and months, the nascent and slowly building recovery in NER may appear as out-sized rent growth when viewed against acutely depressed year-ago NER levels, especially during the volatile month of April last year.

 

 

Key Takeaways – Data as of 3/14/2021:

 

  • Traffic and Leases: National traffic increased 8.5% in the past seven days to 11.09 visitors per week. Meanwhile, the number of leases advanced 9.9% to an average of 3.57 executed agreements per week.
    • The conversion rate stood at 32.2% last week, up from 29.5% a month ago. The rising leading indicators, in concert with the ascending conversion rate, support the notion that prospective renters are beginning to feel more comfortable with in-person property tours. 

 

  • Occupancy and Leased Percentage: U.S. occupancy held steady at 94.36% in the past seven days, though the leased percentage rose 20 bps to 95.65%
    • Chicago, Raleigh, San Francisco, and Washington, D.C., were among the top-performing markets last week with regards to occupancy and leased percentages. Each market notched a 30 bp or higher increase in occupancy and a 40 bp or higher improvement in leased rates.

 

  • Net Effective Rent: NER advanced 0.4% last week to $1,616 per month. With occupancy unchanged, revenue per available unit (RevPAU) rose by the same 0.4% last week, reaching $1,525 per month.
    • Last week’s NER gains were relatively consistent across floor-plan types. National NER for studio units appreciated 0.3%, while all other floor plans registered a 0.4% rise in NER.
    • Apartment communities in the Chicago and San Antonio metro areas noted an average NER increase of 1.4% over the past seven days, leading all other markets.

 

Radix Research

 

Research is a powerful solution for benchmarking and evaluating the performance of live properties and portfolios at submarket, market, and national levels. With access to a wide range of data analytics, Radix Research offers the most comprehensive, timely, and leading data, streamlining the research process for all stakeholders.

 

To retrieve this data, request a demo today.

More Posts

Picture of Radix
Radix
Radix is a data and advanced analytics provider for the Multifamily industry. Radix's data ecosystem is continuously building upon itself so that users from all levels of the industry can make smarter business decisions for their assets and investments using data from a transparent source, the property itself.
Scroll to Top
Get Your Midyear Multifamily Industry Review  

Stay ahead in the multifamily market with our latest insights and forecasts. Fill out the form to download your free report now.