There was some news that on the surface was bad for major apartment REITs, according to Trepp’s Commercial Real Estate Direct: occupancy rates declined in the third quarter.

“The occupancy decline – the 13 companies had a weighted average decline of 0.35% from the second quarter and a 0.61% drop from last year’s third quarter – was no surprise as they all pushed rents higher,” said the report. “Those rents increased by a weighted average of 13.05% when compared with last year. The higher rents could be driving some tenants out of individual units and forcing them to double up or move to cheaper locations.”

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Erik Sherman

 

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