2014 Banner Year for Apartments

Halfway through the calendar year and 2014 is shaping up to be the best for apartments since the Great Recession. Nationally, apartment occupancy hit 95% for the first time since 2008. Through May, effective rent growth of 3.7% was the highest since 2008 as well. Absorption for new units in urban cores remains high although trends indicate increased supply has started to slow effective rent increases. In suburban markets, effective rent increases continue at a healthy pace as there is little or no new supply to dilute steady demand for…