Stabilized occupancy of 94.6% is tied for the highest level in three years, just shy of the 94.9% 10-year norm and above the 93.5% national benchmark, signaling limited slack and improved rent durability.
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Quarterly deliveries slowed to 2,677 units and the pipeline contracted about 40% from mid-2024 peaks, to roughly 13,300 units under construction. With fewer late-stage projects, pricing should continue to firm as lease-ups mature.
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Trailing absorption (12,430) exceeded deliveries (12,025) for the first time in 14 quarters, signaling the supply wave is being worked down and supporting rent stabilization, fewer concessions, and occupancy firming into 2026.
