Trailing 12-month deliveries of 1,099 units have outpaced absorption of 394 units, but the construction pipeline has fully emptied to 0 units, signaling the end of Springfield's supply wave.
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Pricing power is returning, with rents up 1.9% year-over-year to $1,028 per unit after a stretch of supply-driven softness, a pace that holds up well against most of the market's regional peers.
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Occupancy of 93.8% is down 120 basis points from a year ago, though the pace of decline has slowed as leasing activity picked up in Q2, a sign the market may be nearing a bottom.
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MARKET OUTLOOK
Springfield is past the peak of its supply cycle, and the market's trajectory over the next two to four quarters should favor improving fundamentals...
