The national occupancy rate in Q1 2023 was 94.8%, with an annual occupancy change of –2.7%. During the last quarter, 95,237 units were completed, but only 19,243 units were absorbed. The average effective rent across the US was $1,782, representing a 4.5% increase. In the labor market, over the last 12 month, the US saw total employment grow by 2.8%, with 2,960,300 jobs added.