Average U.S. apartment occupancy gained 30 basis points in the third quarter and ended September just under 91%, extending a mild recovery that started earlier this year. Effective rent growth stayed positive at 0.9% for the quarter even as giveaways widened, with 26% of conventional properties offering a discount of just more than four weeks off an annual lease.
Why it matters to multifamily marketers
If your market still relies on free rent to lease up, this data suggests the giveaway stays in budgets for another quarter and is worth sharing with asset management before the next concession schedule is set.