Apartments are at an all-time high demand. A recent report by M/PF Research, Inc., real estate market consultants and analysts, indicates that apartments averaged 94.9% occupancy the first quarter of 1998 across the U.S.
The report, which tracks apartment occupancy by region, showed that U.S. occupancy rose 0.3 points from the first quarter of 1997. Most gains were in the South, where strong job growth produced sufficient demand to absorb the substantial number of new units completed. In the rest of the country, gains were modest. Occupancy stood at 96.0% in the Northeast and 94.7% to 95.1% in the Midwest, West and South.
Average rents climbed 3.9% from early 1997 through early 1998, with the West leading the nation's rent growth pace. Price escalation plroved especially strong in Orange County, San Diego, Seattle, Oakland and San Francisco.
National rents averaged $780/month in 1998's 1st quarter, with the regional averages ranging from $697 in the South to $867 in the West.
Following is summary information from the 1st Quarter 1998 edition of M/PF Research's U.S. Apartment Market Report, based on data collected from 724,500 units in nearly 2,900 professionally managed apartment communities nationwide:
U.S. Apartment Market Performance
1st Quarter 1998 |
| | Occupancy | Average
Monthly Rent | Average
Rent/Sq. Ft. |
| U.S. Average | 94.9% | $780 | $0.915 |
| Middlesex | 99.1% | $798 | $1.060 |
| Newark | 99.4% | $711 | $0.920 |
| Philadelphia | 93.9% | $922 | $1.060 |
| Pittsburgh | 95.1% | $753 | $0.890 |
| North East Region Average | 96.0% | $826 | $0.994 |
| Atlanta | 95.6% | $770 | $0.780 |
| Austin | 93.5% | $672 | $0.860 |
| Baltimore | 96.5% | $698 | $0.800 |
| Charlotte | 92.0% | $654 | $0.710 |
| Dallas | 95.7% | $636 | $0.790 |
| El Paso | 91.6% | $513 | $0.570 |
| Ft. Lauderdale | 94.4% | $853 | $0.840 |
| Ft. Worth | 94.6% | $559 | $0.710 |
| Greensboro | 89.6% | $592 | $0.670 |
| Greenville | 91.9% | $558 | $0.610 |
| Houston | 95.4% | $582 | $0.710 |
| Jacksonville | 93.4% | $620 | $0.670 |
| Louisville | 92.1% | $591 | $0.630 |
| Memphis | 94.8% | $543 | $0.590 |
| Miami | 91.6% | $830 | $0.890 |
| Nashville | 92.6% | $604 | $0.670 |
| Norfolk | 94.2% | $642 | $0.700 |
| Oklahoma City | 91.6% | $448 | $0.590 |
| Orlando | 95.0% | $655 | $0.720 |
| Raleigh | 94.8% | $713 | $0.780 |
| Richmond | 94.6% | $614 | $0.670 |
| San Antonio | 93.9% | $558 | $0.690 |
| Tampa | 94.0% | $658 | $0.730 |
| Tulsa | 93.8% | $466 | $0.650 |
| Washington DC | 97.0% | $941 | $1.010 |
| West Palm Beach | 97.4% | $851 | $0.810 |
| South Region Average | 94.7% | $697 | $0.778 |
| Chicago | 96.6% | $959 | $1.160 |
| Cincinnati | 94.9% | $695 | $0.690 |
| Cleveland | 93.7% | $664 | $0.800 |
| Columbus | 93.4% | $536 | $0.630 |
| Dayton | 90.9% | $593 | $0.640 |
| Detroit | 94.1% | $657 | $0.750 |
| Indianapolis | 93.6% | $592 | $0.660 |
| Kansas City | 96.8% | $622 | $0.680 |
| Minneapolis | 97.4% | $951 | $0.970 |
| St. Louis | 91.0% | $634 | $0.660 |
| Midwest Region Average | 95.1% | $780 | $0.888 |
| Albuquerque | 93.3% | $619 | $0.750 |
| Denver | 94.3% | $717 | $0.860 |
| Las Vegas | 91.4% | $811 | $1.110 |
| Oakland | 96.7% | $1,151 | $1.400 |
| Orange County | 94.9% | $913 | $1.070 |
| Phoenix | 95.4% | $691 | $0.800 |
| Portland | 94.6% | $706 | $0.800 |
| Riverside | 94.6% | $702 | $0.810 |
| Sacramento | 94.8% | $722 | $0.810 |
| Salt Lake City | 92.4% | $653 | $0.780 |
| San Diego | 97.0% | $846 | $1.010 |
| San Francisco | 96.8% | $1,542 | $1.840 |
| San Jose | 98.3% | $1,448 | $1.680 |
| Seattle | 96.6% | $783 | $0.930 |
| Tucson | 93.0% | $577 | $0.710 |
| West Region Average | 94.9% | $867 | $1.070 |
Published: June 10, 1998
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