Only one market among the nation’s 50 largest apartment markets logged net move-outs during the first quarter – Anaheim. The city’s occupied unit count dropped by 319 units to start the year, according to data from RealPage Market Analytics.
The performance is not unusual. Anaheim, which has nearly 272,000 existing units, has recorded net move-outs during the first quarter in 15 of the past 29 first quarters, said RealPage. Among the city’s 16 submarkets, nine had net move-outs during the quarter. The sharpest declines were concentrated in three Irvine submarkets, which combined for 309 units not absorbed.
Net move-outs in Anaheim left overall demand during the first quarter at 2,595 units, which RealPage tracks as the second-weakest result among the nation’s largest markets. Memphis held the poorest result, with demand of only 2,166 units for the quarter.
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Nevertheless, occupancy has remained strong in Anaheim, exceeding 96% for nearly five years and above 95% for 13 years. For the first quarter, Anaheim’s category averaged 96.3%, the fourth-strongest among the country’s largest markets, behind New York, Newark and San Francisco, said RealPage.
Other large Southern California markets (Los Angeles, Riverside and San Diego) each recorded quarterly absorption of between 1,900 units and 3,400 units during the first quarter.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
