RealPage: U.S. Apartment Occupancy Rates Up in Most Markets

(Image courtesy of RealPage; Breakout image courtesy of Jovydas Dobilas/Pexels.com)

RealPage, Richardson, Texas, found most markets across the country are seeing month-over-month apartment occupancy improvements.

April and May combined registered a 0.1% increase in occupancy, compared with a negligible drop of 0.02% last year.

While 0.1% doesn’t sound that impressive, RealPage’s Carl Whitaker, Director of Research & Analysis, Market Analytics, noted that there’s a significant number of units being delivered, skewing some numbers.

Various cities are seeing different trends, however.

For example, Memphis, Tenn., fell into a category Whitaker described as “the market finding its floor.” Occupancy was down in the city 0.4% in April and May 2023, but improved 0.2% in the same period this year.

On the flip side, some markets are seeing occupancy struggle amid significant incoming delivery.

Whitaker noted that Jacksonville, Fla., has seen occupancy fall over the last few months, with another chunk of existing inventory scheduled to deliver. And, the data points to potential challenges in another hot market–Denver, with occupancy down 0.1% and significant supply forecasted over the next couple years.