Amid rising rents and tightening occupancy, operators see a hybrid future.
By Les Shaver, for the National Apartment Association
On a national level at least, the numbers say the apartment market took off over the summer. Just look at the July figures from RealPage: During the month, rents grew 8.3% year-over-year across the country—the most significant jump since the booming 2000-2001 era. At the same time, occupancy tightened to 96.9%—also the highest seen since the 2000-2001 era.
While performance in individual markets and product types varies, national fundamentals are predicted to remain robust in 2022 and even 2023. RealPage projects 15 markets to post rent growth of more than 10% during the next two years, and many other markets should see rent increases in the high single digits.