Demand remains below average, with just 72 units absorbed in Q2 2025 and a net 12-month total at one of the lowest annual levels in a decade—despite a modest rebound this quarter.
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Deliveries climbed to 314 units in Q2, the most since early 2022, yet new construction remains restrained, with just 1.5% of inventory underway—well below national and historical norms.
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Rent growth slowed to 0.7% annually, occupancy dipped to 91.3%, and conditions remain soft overall, but affordability continues to support renter migration and offers a buffer against broader weakness.
