US Multifamily Market Sends Mixed Signals

DALLAS—The US apartment market performance metrics for April show a mixed bag of results, says a report by RealPage. Survey results for 9.1 million multifamily units across the country show April’s occupancy rate at an average of 95.4%, drifting down a mild 20 basis points from the March result to a level that matches the performance from April 2019.

The more telling comparison point may be to go all the way back to the occupancy figure from mid-2008 prior to the Great Recession. Viewed from that perspective, April’s occupancy of 95.4% is encouraging, coming in 160 basis points over the mid-2008 reading. That occupancy premium provides some cushion for the decline that is to come. Furthermore, it may help landlords limit the magnitude of near-term rent cuts, at least to some degree, says the report.