- The Midwest multifamily market outperformed the national average, with an occupancy rate of 94.7% in August compared to 94.1%.
- Detroit was one of only five major U.S. apartment markets to experience occupancy growth of 50 basis points or more in the past year.
- Milwaukee ranked fourth-best nationally, with a 95.8% occupancy rate despite an 80 bps YoY decline.
New research from RealPage reveals that the Midwest multifamily market continues to outperform the national average in occupancy, as reported in GlobeSt.
Exceeding Expectations
In August, the region’s major markets recorded an average occupancy rate of 94.7%, compared to the national rate of 94.1%.
Cities like Milwaukee, with a 95.8% occupancy rate, ranked among the top performers nationwide.
Detroit was one of only five major U.S. markets to see occupancy growth of 50 bps. or more in the past year, making it the only Midwest city to report such an increase.
This contrasts with other Midwest cities like St. Louis and Indianapolis, where occupancy rates fell below the national average.
Looking Ahead
While markets in the South face stagnating rent growth due to an influx of new apartments, Midwest and Northeast regions are expected to continue outperforming in the near term, signaling that the phase of pricing discovery is transitioning into a more stable pricing reality.
