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10 Worst Apartment Occupancy Performers

Charted: Median Pay of Magnificent Seven Companies and 6 more RE insights

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Macro Trends

Fed holds rates steady amid mixed economic signals link

  • The Fed's decision marks the seventh consecutive time rates have remained unchanged, indicating mixed economic signals. Strong job creation in May contrasts with a slight slowdown in inflation.

  • The FOMC acknowledges progress towards the 2% inflation target but remains cautious. They do not anticipate rate cuts until they see sustained evidence of inflation trending towards this goal.

  • Current projections suggest minimal rate cuts in 2024, with a median federal funds rate of 5.1%. The labor market added 272,000 jobs in May, while the Consumer Price Index showed a slight cooling in inflation.

Real Estate Trends

Higher Risk of Housing Market Slowdown Continues in California, New Jersey, and Illinois link

  • California, New Jersey, and Illinois have 34 of the 50 U.S. counties most at risk of housing market declines. New York City and Chicago metro areas are particularly vulnerable.

  • Counties at greater risk face issues like high percentages of underwater mortgages and higher foreclosure rates. For instance, Kings County, NY, needs 109.5% of local wages for home ownership costs.

  • Conversely, Virginia, Wisconsin, and Tennessee have many counties least vulnerable to market declines. They enjoy better affordability and lower unemployment rates.

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Inner Ring Submarkets Lead Multifamily Rent Growth link


  • Inner Ring submarkets near Downtown have seen a 3% annual rent growth since Q1 2022. These areas offer walkability and proximity to entertainment, attracting renters despite fewer people working full-time in Downtown offices.

  • Traditional suburbs are also experiencing demand as millennials start families and seek more space. This urban-inclined generation values both suburban space and urban amenities.

  • With companies pushing for a return to office work, Inner Ring areas are likely to remain popular. These neighborhoods offer shorter commutes and lifestyle benefits like walkability and larger living spaces.

10 Worst Apartment Occupancy Performers See Vacancies Climb link


  • Myrtle Beach has the highest vacancy rate in May, with 45,500 empty units and an occupancy rate of 90.3%. This is significantly below the South region's average occupancy rate of 93.2%.

  • San Antonio, a major market, recorded 210,300 vacant units, resulting in an occupancy rate of 91.2%. This indicates a substantial backtrack in occupancy levels.

  • Other notable cities with high vacancies include Memphis (101,400 units at 91.8% occupancy) and Jacksonville (131,400 units at 92% occupancy). Over-supply has been a persistent issue since Q3 2022 in these areas.

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Location Specific

Retail Asking Rents Trending Up in South Florida link

  • Retail rental asking rates in South Florida have increased by nearly 5% this year. The vacancy rate is now at 2.8%, indicating strong demand and limited supply.

  • Robust consumer spending and a surge in tourism, including international visitors, are driving this trend. The demand for retail space is outpacing the available supply.

  • Almost 95% of new retail construction in South Florida is pre-leased before completion. This pre-leasing trend underscores the high demand and scarcity of retail space in the region.

One Chart

Ranked: U.S. Cities with the Highest Rent in 2024


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Off Topic

Charted: Median Pay of Magnificent Seven Companies


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