Multifamily Operational Results

The national multifamily market remained remarkably stable during the week ending September 13, with occupancy continuing to track very closely to prior-year levels. Average U.S. occupancy was 94.56%, down just 2 basis points from the prior week and only 9 basis points below the same period last year. Leased occupancy declined modestly to 97.00%, trailing year-ago levels by 9 basis points. While occupancy has eased from its summer peak, the decline is consistent with normal seasonal patterns following the close of the primary leasing season. More importantly, both occupancy measures remain effectively in line with last year's performance.

Leasing activity continued its expected seasonal moderation. Properties averaged 2.3 new leases signed during the week, down from 2.5 the prior week and slightly below the 2.5 leases recorded during the same week last year. While demand softened modestly, leasing velocity remains significantly stronger than it was earlier in the year and continues to track close to historical norms.

Pricing remains the most encouraging trend in the data. Net Effective Rent (NER) increased 0.1% week over week to $1,781, while annual NER growth for new leases improved to -1.2%, narrowing from -1.5% the prior week. This marks the second consecutive week of improvement and suggests pricing pressure is gradually easing across the market. While rents remain below last year's levels, the direction of change has been consistently positive.

That national average, however, masks substantial differences across markets. Among the 28 markets tracked, annual rent growth ranged from +9.6% in San Francisco to -6.9% in San Antonio, creating a 16.5-point spread between the strongest and weakest performers. Notably, several markets, including Austin, Denver, Miami, Phoenix, Portland, Riverside, Sacramento, and Tucson, reported occupancy levels above last year despite negative rent growth. This combination typically reflects supply-driven pricing pressure rather than weakening demand, as new inventory continues to be absorbed without materially impacting occupancy.

Revenue performance remained stable and continued to improve on a year-over-year basis. RevPAU held at $1,684 for the week, while the annual comparison improved to -1.3% from -1.6% the prior week. Unlike earlier in the year when occupancy gains drove most of the improvement, recent revenue gains are increasingly being fueled by stronger pricing trends.

Bottom Line: Occupancy and demand have largely recovered to year-ago levels, shifting the focus to rent growth. Pricing improved for a second consecutive week and is now the primary driver behind narrowing revenue gaps. While national fundamentals appear balanced, performance remains highly market-specific as supply conditions continue to shape outcomes across regions. The key question heading into the fall is whether improving rent momentum can continue once seasonal leasing demand fades further.

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Multifamily Operational Results

The national multifamily market held its ground during the week ending September 6, with annual comparisons continuing to tighten as the calendar turns past peak season. Average U.S. occupancy was 94.54%, up 1 basis point week over week and now just 11 basis points below the same period last year, narrowing again from 16 basis points the prior week. Leased occupancy was 97.06%, down 3 basis points on the week and trailing last year by only 6 basis points. Occupancy is off 39 basis points from a month ago, the normal seasonal give-back as the summer leasing window closes, which makes the annual comparison the more meaningful read.

Leasing activity eased with the season but held pace with last year. Properties averaged 2.5 new leases signed during the week, down 0.2 week over week, with the year-over-year comparison flat for a second consecutive week. The slowdown is calendar driven rather than demand driven, and the pace remains level with where the market stood at this point last year.

Pricing was essentially unchanged. Net Effective Rent (NER) held at $1,773, down 0.1% week over week, while annual NER growth for new leases improved to -1.5% from -1.7% the prior week. Rents remain the primary drag on year-over-year performance, though the gap continues to close. Market-level performance remains widely dispersed, with several coastal markets posting solid positive annual growth while much of the Sun Belt is still absorbing supply in negative territory.

Revenue performance tracked pricing. RevPAU was $1,676, down 0.1% week over week, while the annual comparison improved to -1.6% from -1.9%. Revenue is closing its gap on the same track as rents, with occupancy and demand effectively back to last year's levels.

Bottom Line: Demand and occupancy have effectively returned to last year's levels, and both the rent and revenue gaps narrowed again this week. Pricing remains the last piece still catching up. The question heading deeper into the fall is whether these annual comparisons keep closing once the seasonal tailwind from peak leasing is fully behind the market.

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Multifamily Operational Results

The national multifamily market remained stable during the week ending September 6, with year-over-year comparisons continuing to improve as the industry moves beyond peak leasing season. Average U.S. occupancy increased slightly to 94.54%, up 1 basis point on the week and now just 11 basis points below the same period last year, improving from a 16-basis-point gap the prior week. Leased occupancy held at 97.06%, down only 3 basis points week over week and trailing last year's level by just 6 basis points. While occupancy has naturally eased from its summer peak, the narrowing year-over-year comparisons suggest underlying fundamentals remain healthy.

Leasing activity moderated seasonally but continued to perform in line with last year. Properties averaged 2.5 new leases signed during the week, down 0.2 from the prior week but matching the pace recorded during the same period last year for the second consecutive week. The slowdown reflects the normal seasonal transition out of peak leasing activity rather than any deterioration in renter demand.

Pricing remained largely unchanged. Net Effective Rent (NER) held at $1,773, declining just 0.1% week over week, while annual NER growth for new leases improved to -1.5% from -1.7% the previous week. Although rent growth remains the weakest component of multifamily performance, the year-over-year gap continues to narrow. Performance remains highly market-dependent, with several coastal markets generating positive rent growth while many Sun Belt markets continue to absorb elevated supply levels.

Revenue trends also improved. RevPAU held essentially flat at $1,676, down 0.1% on the week, while the year-over-year comparison improved to -1.6% from -1.9% the prior week. With occupancy and leasing activity now largely aligned with last year's levels, revenue continues to recover as pricing gradually improves.

Bottom Line: Multifamily fundamentals remain on solid footing. Demand and occupancy have effectively returned to year-ago levels, while rent and revenue gaps continue to narrow. As the market moves deeper into the fall leasing season, the key question is whether improving fundamentals can continue to support pricing gains once the seasonal leasing tailwind is fully behind the market.

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Multifamily Operational Results

The national multifamily market showed signs of stabilization during the week ending August 23, with occupancy recovering a portion of the prior week's decline. Average U.S. occupancy increased 10 basis points to 94.44%, though it remains 26 basis points below the same period last year. Leased occupancy also improved, rising 13 basis points to 96.93%, while continuing to trail year-ago levels by 48 basis points. Importantly, last week's widespread occupancy decline did not continue, suggesting fundamentals have found firmer footing as the leasing season enters its final stretch.

Leasing activity remained a bright spot. Properties averaged 2.6 new leases signed during the week, matching the prior week and narrowing the year-over-year gap to just 0.2 leases per property. This is the closest leasing performance has come to last year's pace in recent months and signals that renter demand remains resilient despite broader market pressures.

Pricing, however, showed little movement. Net Effective Rent (NER) increased just 0.1% week over week to $1,769, while annual NER growth for new leases remained negative at 1.7%. Although market-level performance varied significantly, those gains and losses largely offset one another, leaving national rent growth essentially flat.

Revenue trends followed a similar pattern. RevPAU rose 0.2% on the week to $1,670, but year-over-year growth slipped slightly to -2.0%. While stronger demand and improving occupancy helped stabilize revenue, soft pricing continues to limit meaningful growth.

Bottom Line: Demand remains the strongest component of the current multifamily landscape. Leasing activity has nearly returned to last year's pace and occupancy has stabilized following last week's decline. However, pricing remains under pressure, keeping revenue growth in negative territory. The key question for the remainder of the leasing season is whether sustained demand and firmer occupancy begin translating into improved pricing power.

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The national multifamily market softened during the week ending August 16, driven primarily by a broad decline in occupancy. Average U.S. occupancy fell 46 basis points week over week to 94.36%, and now sits 36 basis points below the same period last year after four consecutive weeks above year-ago levels. Leased occupancy also declined, falling 14 basis points to 96.80% and trailing last year by 70 basis points. The weakness was widespread, with virtually every market reporting lower occupancy.

Despite the occupancy decline, leasing activity improved. Properties averaged 2.6 new leases signed during the week, up from 2.5 the prior week and the strongest pace of the summer, though still below last year's level of 3.2 leases per property. The combination of stronger leasing and lower occupancy suggests elevated seasonal turnover, as mid-August typically represents the peak period of move-outs and move-ins. The key question now is whether occupancy stabilizes once this seasonal churn subsides.

Pricing remained largely unchanged. Net Effective Rent (NER) declined slightly by 0.2% week over week to $1,767, while annual NER growth for new leases held steady at -1.6%. Rent performance continues to vary significantly by market, with several coastal markets maintaining positive year-over-year growth while much of the Sun Belt remains under pressure.

Revenue performance weakened alongside occupancy. RevPAU decreased 0.7% on the week to $1,668, and year-over-year growth deteriorated to -1.9% from -1.5% the prior week. The decline highlights the direct impact occupancy has on revenue generation and reinforces the importance of maintaining resident retention through the remainder of the leasing season.

Bottom Line: Leasing activity remains healthy, but occupancy gave back much of its recent summer gains. The coming weeks will determine whether this reflects normal seasonal turnover or the beginning of the typical late-summer slowdown in apartment fundamentals.

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The national multifamily picture held its footing in the week of August 9, with leasing continuing to build even as the other metrics leveled off. As of August 9, the average U.S. occupancy rate was 94.83%, essentially flat on the week and up 9 basis points from a year ago, holding above last year for a fourth straight week, though the margin has narrowed to a slim edge. The leased percentage was 96.94%, up 5 basis points on the week and down 68 basis points from last year. Occupancy is steady and still running just ahead of last year. 

Leasing velocity kept building. The average number of leases signed was 2.4 per property last week, up 0.1 from the prior week and the firmest weekly pace in this stretch, though still down 0.7 per week compared to a year ago. This was a second straight week of stronger new leasing, a genuine demand signal as we close out the peak summer season. 

Net effective rent held roughly steady at $1,772, with annual NER growth for new leases at negative 1.6%, a slight step back from negative 1.4% the prior week. After last week's improvement, the annual rent comparison wobbled a touch, a reminder that the pricing recovery is uneven rather than a straight line. 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 $1,680, essentially flat on the week, with the annual comparison at negative 1.5%, a touch softer than negative 1.3% the prior week. Revenue is holding at a steady level even as the annual comparison eased slightly. For operators, the read this week is that leasing and occupancy are carrying the momentum while pricing consolidates, a reasonable posture heading into the back half of August. 

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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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