Some of the Nation’s Tightest Markets are in the Northeast

Largely due to minimum supply volumes, apartment occupancy remains tight across the Northeast. In fact, a total of 14 Northeast markets ranked among the nation’s top 25 for occupancy in July. While most of these are smaller markets, which tend to hold onto tighter occupancy showings than their larger counterparts, some of the nation’s largest apartment markets are also included in this list. New York occupancy was at 97% as of July, ranking the market #4 nationwide. Meanwhile, Newark occupancy was not far behind at 96.2%, ranking #16 nationally. Looking ahead, new construction activity continues to be a big story across the country, with new units scheduled in the coming 12 months expected to double the already hefty volumes delivered over the last year. While this will soften occupancy across the U.S., the performance in Northeast markets is expected to remain a strong one in the near term.

For more information on the state of apartment markets in the Northeast, including forecasts, watch the webcast Market Intelligence: Q3 East Coast Update.