Here are the Metros With the Highest Apartment Occupancy

Article originally posted on HERE on September 20, 2019

Apartments with fire escapes

Apartment occupancy nationwide is as high as it’s been in nearly 20 years, with more than 96% of all apartments filled in the 150 largest apartment markets in the country.

Overall, all four regions of the country saw a rise in apartment occupancy in August, according to a study from RealPage.

The Northeast saw 97.1% occupancy; 96.6% in the West; 96.5% in the Midwest and 95.7% in the South.

Of the largest markets in the U.S., eight of them saw a weaker occupancy rate in August than in July, while only three had occupancy below 95%. Conversely, nine of the big markets saw greater than 97% occupancy in August.

Here, from RealPage’s report, are the markets where the most apartments are filled:

  1. New York-White Plains, New York, 97.9% occupancy
  2. (tie) Newark-Jersey City, New Jersey-Pennsylvania, 97.5% occupancy
  3. (tie) Detroit-Warren-Dearborn, Michigan, 97.5% occupancy
  4. (tie) Providence-Warwick, Rhode Island-Massachusetts, 97.3% occupancy
  5. (tie) Boston-Cambridge-Newton, Massachusetts-New Hampshire, 97.3% occupancy
  6. (tie) Milwaukee-Waukesha-West Allis, Wisconsin, 97.2% occupancy
  7. (tie) Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin, 97.2% occupancy
  8. (tie) Sacramento-Roseville-Arden-Arcade, California, 97.1% occupancy
  9. (tie) Cincinnati, Ohio-Kentucky-Indiana, 97.1% occupancy
  10. (tie) Virginia Beach-Norfolk-Newport News, Virginia-North Carolina, 96.9% occupancy
  11. (tie) Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland, 96.9% occupancy

Meanwhile, RealPage’s report also showed that August was the 12th consecutive month that annual rent growth was at or above 3%, which hasn’t happened since 2016.

But there were some markets where rent growth in August was well beyond the national average.

Here are the rent growth leaders for August:

  1. Phoenix-Mesa-Scottsdale, Arizona, 8.2% rent growth
  2. Las Vegas-Henderson-Paradise, Nevada, 7.5% rent growth
  3. Raleigh.Durham, North Carolina, 5.4% rent growth
  4. Greensboro/Winston-Salem, North Carolina, 5.2% rent growth
  5. (tie) Austin-Round Rock, Texas, 4.6% rent growth
  6. (tie) Charlotte-Concord-Gastonia, North Carolina-South Carolina, 4.6% rent growth
  7. (tie) Riverside-San Bernardino-Ontario, California, 4.6% rent growth
  8. Nashville-Davidson-Murfreesboro-Franklin, Tennessee, 4.5% rent growth
  9. Sacramento-Roseville-Arden-Arcade, California, 4.4% rent growth
  10. Memphis, Tennessee-Mississippi-Arkansas, 4.1% rent growth

 

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