The fourth quarter typically is a month for apartment rents to fall, or at least cool a bit. Not this year. The multifamily housing industry continues to defy trends, and also continues to march higher, according to recent data from RealPage.
Nationally, RealPage information shows apartment occupancy hitting an all-time high of 97.5 percent in November. Occupancy is now up a notable 250 basis points or so from the long-term norm of roughly 95 percent established over the past three decades.
Effective asking rents for new move-in leases reached a national average of $1,631 in November. November’s pricing was up 0.6% from the October figure. While that increase is well below the monthly rent growth seen in the spring and summer months, any bump at all is a big deal since prices normally are cut in October, November and December.
Across the nation’s 150 largest metros, 104 managed to eke out at least a little monthly rent growth during November.
The nation’s four strongest monthly rent increases registered in Naples, Cape Coral, North Port/Sarasota and West Palm Beach.
Monthly price bumps also proved substantial in Gainesville, Lakeland and Miami. Turning to annual price shifts in the 50 largest metros, West Palm Beach, Tampa and Phoenix were on top, posting growth of 26 percent to 28 percent.