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Urban core apartments seeing slight occupancy and rent pressure as newest deliveries lease-up

​In response to our growing market, apartment demand has been strong.  Urban Core units built after 2000 have been seeing solid fundamentals.  As of year-end, occupancy averaged 92.1 percent, and rents were $1,300 per month.

Occupancy and rents in these newer units have experienced some pressure as the newest properties have delivered.

Since the start of 2016, 4,500 units have been delivered in our Urban Core.  These new properties have absorbed 2,700 units.  Based on month of opening, this translates into an average lease-up pace of 16 to 17 unites per month per project.

Rents for the new deliveries now average $2,200 per month.  This is almost 70 percent above than the average for the newer Urban Core assets – and 15 percent ahead of the new deliveries we were tracking last summer. 

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