Demand remains the market's clearest strength, as trailing 12-month absorption of 1,164 units has outpaced the 453 units delivered over the same period
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The active pipeline of 1,092 units (3.6% of inventory) sits 62% below its peak in 2023. Trailing starts of 1,033 units, up from 397 units one year ago, reflect renewed developer conviction as fundamentals stabilize.
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Average effective rents of $1,342 reflect a 0.6% annual decline, with the rate of compression contained relative to higher-supply peer markets.
