The Gainesville apartment market saw steep declines in both occupancy and rents in the past year. The Florida market saw effective asking rent cuts of 1.8% in the year-ending October, which was a big change from the price gains of 4.4% achieved in October 2019. Gainesville saw one of the nation’s steepest occupancy declines in the year-ending October, with a dive of 210 basis points. The only other markets nationwide to see such a steep downturn in occupancy were San Francisco and Midland/Odessa. Despite the decline, however, Gainesville’s resulting October rate of 95.3% is roughly in line with the national norm of 95.7%.
