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Apartment Occupancy Hits Record High in November

Apartment Occupancy Hits Record High in November

Apartment occupancy is at an all-time high.

Apartment occupancy is at an all-time high. According to RealPage, occupancy hit 97.5% in November, breaking the typical trend of occupancy cooling off with the arrival of colder weather.

Effective asking rents also jumped in November, up 0.4% from October to $1,631. This leaves annual asking rents up nearly 14% in November, another all-time high. Renewal lease rents also climbed around 8% toward the end of 2021.

Of the 150 largest metros, 104 saw monthly rent growth. At the top of the list were Florida metros Naples, Cape Coral, North Port/Sarasota and West Palm Beach. Also high on the rent growth list were Gainesville, Lakeland and Miami.

Florida was also present in annual rent growth with West Palm Beach and Tampa ahead of Phoenix. Orlando, Fort Lauderdale and Jacksonville also saw double-digit rent increases over the past year. Minneapolis/St. Paul showed the slowest rent growth among top 50 metros at 4.1% year-over-year growth.