The national multifamily picture strengthened broadly in the week of August 2, with rents and leasing both picking up as occupancy held above last year. As of August 2, the average U.S. occupancy rate was 94.86%, up 4 basis points on the week and up 16 basis points from a year ago. That's a third straight week above last year. Leased percentage was 96.89%, up 11 basis points on the week and down 70 basis points from a year ago. The leased percentage is holding its weekly gain, even as the year-over-year gap remains.

Leasing activity gained momentum, with an average of 2.3 leases signed per property this week, up 0.2 from the prior week and the strongest pace we've seen in this stretch. That said, it's still 0.7 leases per week below where things stood a year ago. The recent uptick in new leasing, following weeks of flat volume, is an encouraging signal, it suggests demand is contributing to the recent firming, rather than the improvement being driven by retention alone.

Net effective rent picked back up. NER rose 0.4% on the week to $1,766, and annual NER growth for new leases improved to negative 1.4%, up from negative 1.9% the prior week. After a flat stretch, rents are once again narrowing the annual gap, that's the piece that had been lagging. The national picture remains uneven, with several coastal markets posting solid positive annual growth while much of the Sun Belt is still working through negative territory. 

RevPAU came in at $1,675, up 0.5% on the week, with the annual comparison improving to negative 1.3% from negative 1.6% the prior week. Revenue is advancing this week, with occupancy, rents, and leasing volume all pointing the same direction. For operators, this was a broadly positive week-over-week read, with all five metrics moving the right way as we open August, even as a couple of them still work through year-over-year gaps.

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The national multifamily picture held its ground in the week of July 26, with occupancy staying above last year for a second straight week. As of July 26, the average U.S. occupancy rate was 94.82 percent, essentially flat on the week and up 29 basis points from a year ago. The leased percentage was 96.77 percent, up 3 basis points on the week and down 62 basis points from last year. Last week's step up in occupancy held, an encouraging sign that the gain was more than a temporary blip.

Leasing velocity firmed a bit. The average number of leases signed was 2.1 per property, up 0.1 from the prior week and down 0.7 per week compared to a year ago. That annual gap narrowed from 0.9 the prior week, so demand picked up modestly even as occupancy stayed firm, a healthier mix than the week before, when occupancy climbed on retention alone.

Net effective rent firmed slightly. NER rose 0.2 percent on the week to $1,762, though annual NER growth for new leases held at negative 1.9 percent. Rents are stable week to week but have not yet resumed narrowing the annual gap, which leaves pricing as the soft spot. The range across the country stayed wide, with several coastal markets posting solid positive annual growth while much of the Sun Belt is still working through negative territory.

RevPAU, which combines the change in rents and occupancy, was $1,671, up 0.2 percent on the week, with the annual comparison at negative 1.6 percent, roughly steady with the prior week. Revenue per available unit is holding up on the strength of occupancy and firmer rents together. For operators, the read this week is steady: the occupancy step up held, leasing improved, and pricing remains the one area still waiting to turn.

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The national multifamily picture took a clear step up in the week of July 19, led by a notable jump in occupancy. As of July 19, the average U.S. occupancy rate was 94.85 percent, up 49 basis points from the prior week and now 39 basis points above a year ago. That is the first time occupancy has run ahead of last year in months. The leased percentage was 96.74 percent, up 29 basis points on the week and 61 basis points below last year. The improvement was across the board, with gains in essentially every tracked market in the week.

For leasing velocity, results were soft this week. The average number of leases signed was 2.0 per property, flat from the prior week and 0.9 below a year ago, a gap that widened from 0.6 the prior week. With occupancy climbing even as new lease volume held flat and trailed last year, the gain looks more like stronger retention than a wave of new leasing.

Net effective rent gave back a little. NER eased 0.1 percent on the week to $1,758, and annual NER growth for new leases slipped to negative 1.9 percent, after narrowing to negative 1.5 percent the prior week. Pricing softened even as occupancy firmed, a reminder that the two do not always move together. The range across the country stayed wide, with several coastal markets posting positive annual growth while much of the Sun Belt continues to work through negative territory.

RevPAU was $1,667, up 0.4 percent on the week, with the annual comparison improving to negative 1.5 percent from negative 1.7 percent the prior week. The occupancy gain offset softer rents, and revenue per available unit came out ahead. For operators, the read this week is that occupancy strength is doing the heavy lifting on revenue right now, while pricing power stays limited.

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The national multifamily picture kept improving in the week of July 12, with occupancy firming to its best annual comparison in recent weeks. As of July 12, the average U.S. occupancy rate was 94.37%, up 9 basis points from the prior week and down just 17 basis points from a year ago, the narrowest annual occupancy gap in the recent stretch. The leased percentage was 96.45%, up 8 basis points on the week and down 78 basis points from last year. 

Leasing velocity held steady. The average number of leases signed was 2.1 per property last week, flat from the prior week, and down 0.6 per week compared to a year ago. The annual gap was essentially unchanged from the prior week, so demand is holding its ground against last year rather than gaining, even as occupancy continues to firm.

Net effective rent edged higher. NER rose 0.1% on the week to $1,760, and annual NER growth for new leases improved to negative 1.5%, up from negative 1.6% the prior week. Rents are grinding back toward last year's level, with the annual gap narrowing for a second straight week. The range across the country remains wide, with several coastal markets posting solid positive annual growth while much of the Sun Belt is still working through negative territory.

RevPAU was $1,661, up 0.2% on the week, with the annual comparison improving to negative 1.7% from negative 1.9% the prior week. With occupancy firming and rents edging up together, revenue per available unit is making steady progress against last year. For operators, the read this week is constructive: the improvement that resumed after the July 4 holiday is holding, and the year over year comparisons keep tightening as we move through July.

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The national multifamily picture held steady in the week of July 5, with the gap to last year continuing to close on most metrics. For much of the spring, the annual comparisons had been improving week by week as this year's numbers caught up to last year's. That progress stalled briefly the week prior, then resumed this week. As of July 5, the average U.S. occupancy rate was 94.28 percent, up 5 basis points from the prior week and down 25 basis points from a year ago. The leased percentage was 96.36 percent, up 8 basis points on the week and down 81 basis points from last year. Occupancy is strengthening, and both annual gaps closed slightly versus the prior week.

Leasing velocity held its ground through the holiday week. The average number of leases signed was 2.1 per property, roughly steady on the week and 0.5 below a year ago. That annual gap narrowed from 0.7 the prior week, so demand kept closing the distance to last year even across the July 4 stretch, when activity typically softens.

Net effective rent was flat at the national level, holding at $1,756 on the week, while annual NER growth for new leases improved to negative 1.6%, up from negative 2.0% the prior week. Rents are steady, and the annual gap resumed narrowing after widening last week. The range across the country remains wide, with several coastal markets posting positive annual growth while much of the Sun Belt is still working through negative territory.

RevPAU, was $1,656, up 0.1% on the week, with the annual comparison improving to negative 1.9% from negative 2.3% the prior week. Revenue per available unit is closing its annual gap right alongside rents. For operators, the read this week is steady and constructive: occupancy is firming, leasing held through the holiday, and the year over year comparisons are tightening again as we head into July.

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The national multifamily picture settled back this week after last week's jump, with occupancy holding roughly steady. As of June 28, the average U.S. occupancy rate was 94.24%, essentially flat on the week and down 29 basis points from a year ago. The leased percentage was 96.28%, unchanged on the week and down 93 basis points from last year.  Occupancy is holding the line, but the small improvement that had been building through mid-June paused this week. 

Leasing velocity held its ground. The average number of leases signed was 2.2 per property last week, flat from the prior week, and down 0.7 per week compared to a year ago. The annual gap was steady with the prior week, so demand is neither gaining nor losing ground against last year's pace as we close out June.

Net effective rent gave back some of last week's improvement. NER stood at $1,756, and annual NER growth for new leases slipped back to negative 2.0%, after narrowing to negative 1.0% the prior week. Now, some of that swing reflects last year's stronger numbers, which set a higher bar, but the honest read is that the sharp rent step-up we flagged last week didn't carry through. The range across the country remains wide, with several coastal markets still posting positive annual growth while much of the Sun Belt sits in negative territory.

RevPAU was $1,655, with the annual comparison widening to negative 2.3% from negative 1.3% the prior week.  With rents softening, revenue per available unit followed them lower year over year. For operators, the read this week is that June's late momentum cooled, though occupancy and leasing velocity both remain steady heading into July.

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The national multifamily picture strengthened in the week of June 21, with momentum building across nearly every metric. As of June 21, the average U.S. occupancy rate was 94.32%, up 6 basis points from the prior week and down just 25 basis points from a year ago, the narrowest annual gap we have seen in recent weeks. The leased percentage was 96.37%, up 6 basis points on the week and down 86 basis points from last year. Occupancy continues to firm, and the gap to last year keeps shrinking. 

Leasing velocity held its ground and continued to close the distance to last year. The average number of leases signed was 2.2 per property last week, flat from the prior week, and down 0.6 per week compared to a year ago. That annual gap narrowed again from 0.7 the prior week, another small step in the right direction as we move deeper into the summer leasing season. 

Net effective rent is where this week's story really lands. NER rose 0.8% on the week to $1,770, the strongest weekly gain we have seen in this stretch, and annual NER growth for new leases improved to negative 1.0%, up from negative 1.9% the prior week. Rents are now nearly back to where they were a year ago. The range across the country remains wide, with several coastal markets posting solid positive annual growth while much of the Sun Belt is still working through negative territory. 

RevPAU, which combines the change in rents and occupancy, was $1,670, up 0.8% on the week and down 1.3% from a year ago, a clear improvement from negative 2.2% the prior week. Revenue per available unit is accelerating right alongside rents, and the annual drag has now been cut nearly in half over the past two weeks. For operators, the read this week is genuinely encouraging: occupancy is steady, rents are firming, and the annual comparisons are closing fast as spring leasing winds down. 

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Multifamily Operational Results 

The national multifamily picture stayed stable in the week of June 14, with a small encouraging shift underneath the surface. As of June 14, the average U.S. occupancy rate was 94.26%, up 3 basis points from the prior week but still down 33 basis points from a year ago. The leased percentage was 96.31%, up 5 basis points on the week and down 101 basis points from last year. Occupancy continues to hold the line week to week, even if it is running modestly behind where we were a year ago. 

Leasing velocity told a slightly better story this week. The average number of leases signed was 2.2 per property last week, flat from the prior week, and down 0.7 per week compared to a year ago. That annual gap narrowed from a full lease per week the prior week, which is a small but welcome sign that demand is inching closer to last year's pace as we move through June. 

Net effective rent is where the trend is most visible. Annual NER growth for new leases improved to negative 1.9% nationally, up from negative 2.4% the prior week, and NER ticked up 0.1% on the week to $1,752. Rents are slowly closing the gap to last year. The range across the country remains wide, with several coastal markets posting positive annual growth while much of the Sun Belt is still in negative territory, some of it down in the high single digits. 

RevPAU, which combines the change in rents and occupancy, was $1,652, up 0.1% on the week and down 2.2% from a year ago, an improvement from negative 2.6% the prior week. The annual drag on revenue per available unit is easing as rents firm, even with occupancy sitting slightly below last year. For operators, the read this week is constructive: occupancy is steady and the rent trend is finally moving in the right direction. 

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Multifamily Operational Results 

The national multifamily picture held steady to open June, with occupancy ticking up slightly on the week even as the annual comparison stayed soft. As of June 7, the average U.S. occupancy rate was 94.24%, up 2 basis points from the prior week but down 23 basis points from a year ago. The leased percentage was 96.27%, essentially flat week over week and down 104 basis points from last year. Holding the line this deep into leasing season is encouraging, but we are still running behind where we were at this point last year. 

Leasing velocity remains the metric to watch. The average number of leases signed was 2.2 per property last week, down 0.1 from the prior week and down a full lease per week compared to a year ago. That year over year gap is the clearest signal that demand has not fully caught up with the supply working through the system, and it is the main reason occupancy is holding rather than climbing the way we would normally expect in early June. 

Annual net effective rent growth for new leases was negative 2.4% nationally, and NER was flat week over week at $1,751. Rents have struggled to find momentum this spring, and the annual figure reflects the softer pricing environment operators have been navigating across much of the country. The range remains wide, with a handful of coastal markets still posting positive annual growth while several Sun Belt markets sit in negative territory, some of them down in the high single digits. 

RevPAU, which combines the change in rents and occupancy, was $1,650, up 0.1% on the week but down 2.6% from a year ago. With both rents and occupancy running below last year's levels, revenue per available unit continues to feel pressure from both sides. For operators, the takeaway is consistent with recent weeks: protect occupancy where you can, because pricing power will stay limited until leasing velocity picks back up. 

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The multifamily market closed out May on a note of quiet resilience. Occupancy nudged higher for the week, the year-over-year gap continued to narrow, and leasing activity held steady. The rent side remains the story that operators are watching most closely.

As of May 31, the average U.S. occupancy rate was 94.22%, up 4 basis points from the prior week and down 22 basis points from a year ago. The leased percentage was 96.26%, up 5 basis points week over week and down 1.00% from last year. Both metrics have been moving in the right direction on a weekly basis throughout May, and the annual gap, while still present, is smaller than it was at the start of the month.

The average number of leases signed was 2.3 per property last week, down 0.1 from the prior week and down 1.0 compared to this time last year. Leasing velocity has held in a narrow band all month. Markets on the higher end of the range are demonstrating that demand is there when supply and pricing are aligned.

Net effective rent for new leases was $1,751, up 0.1% from the prior week but down 2.4% from a year ago. RevPAU was $1,650, also up 0.1% week over week and down 2.6% annually. The weekly direction is encouraging, but the annual comparisons reflect the concession activity that pulled rents lower in the second half of May. Closing out the month with two consecutive weeks of flat to positive weekly NER movement is a modest stabilizing signal heading into June.

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