Weak new-lease demand has pushed apartment occupancy below pre-pandemic highs, according to the latest data from RealPage.
While November occupancy clocked in at a relatively high 95.1%, it's below the November 2019 watermark of 95.6% and fell 20 bps in the last month and 240 bps year-over-year.
The issue, according to RealPage, "is at the front door." Turnover last month was the second-lowest for any November on record, but leasing traffic among prospective renters ranked as the weakest for any November in eight years. RealPage analysts note "there's little evidence that renters are doubling up to any significant degree."
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