Rent Growth, Occupancy, Demand Near Record Levels
RealPage has issued its latest reports based on June's numbers and they show that U.S. apartment rents, occupancy and demand are at highs not seen in decades. From an NAA Industry Insider article:
According to separate reports from RealPage, all three have surged forward to levels last recorded in at least the early 2000s. The average monthly rent in June hit $1,513, surpassing $1,500 for the first time ever.
Asking rents increased 2% in June and are at 6.3% year over year—the largest 12-month growth since 2001. Meanwhile, occupancy is at 96.5%, the highest it has been since the later part of 2000. Second quarter demand also skyrocketed from the same time last year, with the biggest quarterly jump in RealPage’s database dating back to the early 1990s.
Of the 150 largest metros reviewed, 113 saw annual rent growth increase at least 5%. Larger locations with at least 100,000 apartment homes—Phoenix, Las Vegas and Atlanta, among others—witnessed double-digit annual rent growth. Boise, Idaho, continued its strong performance, leading all 150 metros with a 21.2% annual increase.