By BEX Staff for AZBEX
New data from RealPage Market Analytics shows a slight increase in multifamily occupancy for the first time since early 2022.
The latest numbers show a month-over-month increase of 0.1% from March to April 2024, and the trend was evenly reflected across all four regions studied: Northeast, Midwest, South and West.
The data indicates increasing demand is carrying over from the record Q1 total of more than 100,000 units of net absorption and that the normal seasonal pattern of increased demand in late spring and early summer is in effect.
Rent growth, however, rose just 0.2% month-over-month, holding the year-over-year growth to 0.1%. RealPage reports rent growth has remained near zero since last August and predicts that will remain largely unchanged for the rest of this year, due primarily to the volume of deliveries coming onto the market, which is the highest seen nationally since 1986.
Phoenix experienced rents dropping 3.4% month-over-month, while the occupancy rate was unchanged at 92.8%.