Across the board, occupancy rates were up during the third quarter of 2012, according to the latest data from Dallas-based Axiometrics.
In August alone, occupancy rates increased 89 basis points (bps) on a year-to-date basis and 26 bps on an annual basis. But this positive number still represents a decline from last August, when occupancy rates were up 102 bps on a year-to-date basis, and 58 bps on an annual basis. But demand is still high, so there’s no cause for alarm.
Here’s a list of some cities among the highest in average occupancy rates as of the third quarter of 2012:
City | Average Occupancy Rate |
New York | 97% |
Boston | 96.1% |
Los Angeles | 95.6% |
Denver | 95.3% |
Chicago | 95.2% |
Seattle | 95.2% |
Dallas | 94.5% |
Orlando | 94.4% |
Houston | 93.3% |
Phoenix | 93% |
In terms of rent growth, San Francisco and San Jose led the way with annual rent growth of 11 percent and 8.8 percent year-over-year, respectively. Other leaders include Denver at 7.1 percent, Houston at 6.7 percent, and Seattle at 5.4 percent on a year-over-year basis for the third quarter.