Demand is healthy but still being outpaced by new supply, with a record high number of deliveries in the third quarter keeping competitive pressure present in most submarkets.
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Rents are holding up well and outperforming most peers, with the most affordable portions of the market showing the firmest momentum.
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Occupancy remains close to long-run norms and above the national average and many regional peers, with conditions likely to tighten as the pipeline begins to taper and lease-ups mature.
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MARKET OUTLOOK
Baseline expectations point to steady normalization as the current supply wave is absorbed...
