Rental and occupancy growth in general is impressive as winter approaches. Apartment occupancy rate hit a new high of 97.5% in November, according to real estate technology platform RealPage.
This is an increase of about 250 basis points from the long-term benchmark of about 95% over the past three decades.
The annual increase in rental demand for new leases was 13.9% in November. The rate of increase in lease renewals has generally been slower than when there was revenue for tenants, but it was still a high 8% even at the end of the year.