DALLAS—The US apartment market performance metrics for Aprilshow a mixed bag of results, says a report by RealPage. Surveyresults for 9.1 million multifamily units across the country showApril's occupancy rate at an average of 95.4%, drifting down a mild20 basis points from the March result to a level that matches theperformance from April 2019.

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

With so many households staying at home, strong residentretention for expiring leases is helping boost occupancy. About 53%of renters chose to stay in place at lease expiration in 2019 andearly 2020, and that figure inched higher in recent weeks.Furthermore, some who had informed apartment operators ofintentions to leave later rescinded those move-out notices, eithersigning short-term leases until the health crisis becomes moremanageable or leasing on a month-to-month basis.