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.
