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Camden Property Trust (CPT - Free Report) recently provided the operating statistics for the first quarter of 2023. CPT has seen its same-property occupancy at 95.3% for both January and February.
Moreover, CPT provided information on the average change in same-property new lease and renewal rates versus expiring lease rates when effective. Particularly, the new lease rates increased 2% in February and 1.2% in January, while renewal rates were up 7.5% in February and 8.4% in January. As a result, blended rates were up 4.6% in February and 4.8% in January.
For the U.S. apartment market, low consumer confidence and high inflation have taken a toll, with net demand for apartments ending in negative territory for calendar 2022, per a report from the real estate technology and analytics firm RealPage. Despite solid job growth and wage gains, there was weak demand for all types of housing.
However, apartment demand seems to have somewhat bounced back in January and February. This looks good for residential REITs like AvalonBay Communities, Inc. (AVB - Free Report) and Equity Residential (EQR - Free Report) .
Particularly, as the slow winter leasing season comes to an end and move-outs to home purchases continue to decline amid interest rate hikes by the Fed, both AvalonBay Communities and Equity Residential are likely to experience a favorable environment in the near term.
Recently, AvalonBay Communities reported a 10.5% increase in same-store residential rental revenues for the two months ended Feb 28, 2023 compared with the prior-year period. This is in sync with the company’s initial expectation, which was published on Feb 8, 2023.
In the recently released first-quarter operating update, AvalonBay reported that the economic occupancy for its same-store residential communities improved to 96.2% in February from 95.8% in January. This also marked an increase from 95.6% in December 2022.
The like-term effective rent change for same-store residential communities improved to 4.2% in February from 3.7% in January. The figure also marked an increase from 3.8% in December. Moreover, renewal offers for March and April 2023 were delivered to residents at an average increase in the 7% range over the existing lease.
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Camden Property Trust (CPT) Provides Q1 Operating Update
Camden Property Trust (CPT - Free Report) recently provided the operating statistics for the first quarter of 2023. CPT has seen its same-property occupancy at 95.3% for both January and February.
Moreover, CPT provided information on the average change in same-property new lease and renewal rates versus expiring lease rates when effective. Particularly, the new lease rates increased 2% in February and 1.2% in January, while renewal rates were up 7.5% in February and 8.4% in January. As a result, blended rates were up 4.6% in February and 4.8% in January.
For the U.S. apartment market, low consumer confidence and high inflation have taken a toll, with net demand for apartments ending in negative territory for calendar 2022, per a report from the real estate technology and analytics firm RealPage. Despite solid job growth and wage gains, there was weak demand for all types of housing.
However, apartment demand seems to have somewhat bounced back in January and February. This looks good for residential REITs like AvalonBay Communities, Inc. (AVB - Free Report) and Equity Residential (EQR - Free Report) .
Particularly, as the slow winter leasing season comes to an end and move-outs to home purchases continue to decline amid interest rate hikes by the Fed, both AvalonBay Communities and Equity Residential are likely to experience a favorable environment in the near term.
Recently, AvalonBay Communities reported a 10.5% increase in same-store residential rental revenues for the two months ended Feb 28, 2023 compared with the prior-year period. This is in sync with the company’s initial expectation, which was published on Feb 8, 2023.
In the recently released first-quarter operating update, AvalonBay reported that the economic occupancy for its same-store residential communities improved to 96.2% in February from 95.8% in January. This also marked an increase from 95.6% in December 2022.
The like-term effective rent change for same-store residential communities improved to 4.2% in February from 3.7% in January. The figure also marked an increase from 3.8% in December. Moreover, renewal offers for March and April 2023 were delivered to residents at an average increase in the 7% range over the existing lease.