El Paso absorbed 686 units over the trailing 12 months, outpacing the 665 units delivered, while quarterly absorption more than doubled to 135 units in Q1 2026 — extending a streak of five consecutive quarters of positive net demand.
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The construction pipeline has contracted 83% over four quarters to just 136 units (0.3% of inventory), with zero trailing 12-month starts — positioning El Paso firmly in the late stage of its supply cycle with minimal near-term delivery pressure.
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Average effective rents reached $1,082, up 2.2% year over year, while stabilized occupancy of 94.1% reflects a 20 basis point annual improvement, with all nine submarkets posting positive rent growth.
El Paso enters the spring leasing season from a position of structural advantage, supported by a fully contracted construction pipeline, five consecutive...
