Apartment Market Up In 3rd Quarter
October 8, 2014
The nation’s apartment market continued to gain strength in the third quarter of 2014, according to early release figures from Axiometrics. Annual rent growth reached 4.0% for the first time in almost two years, while quarterly effective rent growth increased significantly over the third quarter of 2013.
Occupancy also increased, to 95.1%, breaking the record of 95.0% set last quarter, which had been the highest since the first quarter of 2001.
Effective rent growth increased by 1.6% over the second quarter of 2014 on a quarter-by-quarter basis (reflecting the growth from July 1 to now), an improvement on the 1.2% quarterly growth of the July-September period last year. Each quarter this year has seen improved rent growth from the same quarter last year.
The quarterly numbers this year show a stronger apartment market than Axiometrics anticipated at the start of the year.