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Jobs Numbers Increase, MF Demand Shows Slight Decline

DALLAS-AXIOMetrics' KC, Sanjay tells GlobeSt.com that the 171,000 jobs added in October beat the forecasted 145,000; despite multifamily sector softening, the market is 70-80 basis points below the historic average.

By Amy Wolff Sorter | Updated on November 29, 2012

DALLAS-Though the September, 2012 unemployment figure of 7.8% created some buzz (especially in advance of the general election), October figures from the Bureau of Labor Statistics opened even more eyes, stating as it did, that 171,000 new jobs were created in October (above the forecasted 140,000-145,000). Even more interesting is that, despite the increase in jobs and downward creep of unemployment (7.9% in October), the apartment sector is seeing some softening.

Annual rent growth in October was 3.54%, with year-to-date rent growth, through October, at 4.32%. Occupancy also moved down somewhat to 94.4% in October (versus 94.5% in September).

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