9 ISSUE 2, 2022 How has the multi-family housing industry performed recently? I considered the new housing supply and net absorption before answering that question. First, I focused on the period between 2019 and 2021 on three levels: the U.S., Connecticut and Hartford. Next, I looked at new supply and net absorption on the same three levels between January and August 2022. I also analyzed average market rent, effective rent and occupancy between August 2019 and August 2022. The annual average effective rent change ranged between roughly 5% in Litchfield and 13% in New Haven. I analyzed Connecticut’s price class in terms of net absorption, average occupancy and average effective rent. Next, I considered the submarket view (the net absorbed units, new units, average occupancy and average effective rent over one year). I also looked at new construction for the Connecticut and submarket pipelines. Finally, I analyzed the construction and lease-up duration between 2018 and 2022 for the U.S. and Connecticut. I learned that apartment demand in Connecticut was more robust than at the national level because residents moved to lower-density areas. In 2022 so far, absorption momentum has been focused on the Bridgeport-Stamford-Norwalk MSA rather than the Hartford-West Hartford-East Hartford MSA. Connecticut and the U.S. experienced an average occupancy decline from the most recent peak. However, the average occupancy is still higher than during the pre-pandemic months. The average effective rent for class B properties is closer to Class A than Class C, but the absorption and average occupancy data show that Class B is softening. Finally, upcoming new development has shifted from New Haven and Hartford to Bridgeport. For learn more from Jordan about multi-family housing or the information he presented at the conference, please reach out to him at 813.945.0060 or Jordan@alndata.com. FILLING YOUR VACANCIES HAS NEVER BEEN EASIER Advertise on the nation’s premier listing network! apartments.com/grow 888.658.7368 Maximize your exposure Showcase your property Generate quality leads HAS NEVER BEEN EASIER Advertise on the nation’s premier listing network! apartments.com/grow 888.658.7368 Maximize your exposure Showcase your property Generate quality leads FILLING YOUR VACANCIES HAS NEVER BEEN EASIER Advertise on the nation’s premier listing network! apartments.com/grow 888.658.7368 Maximize your exposure Showcase your property Generate quality leads FILLING YOUR VACANCIES HAS NEVER BEEN EASIER Advertise on the nation’s premier listing network! apartments.com/grow 888.658.7368 Maximize your exposure Showcas your property Generate quality leads FILLING YOUR VACANCIES HAS NEVER BEEN EASIER Advertise on the nation’s premier lis ing network! apartments.com/grow 888.658.7368 Maximize your exposure Showcase your property Generate quality leads FILLING YOUR VACANCIES HAS NEVER BEEN EASIER Advertise on the nation’s premier listing network! apartments.com/grow 888.658.7368 Maximize your exposure Showcase your property Generate quality leads BEEN EASIER Adv rtise on the nation’s premi r listing network! apartments.com/grow 888.658.7 8 Maximize your exposure Showcase your property Generate quality leads Advertise on the nation’s premier listing network! apartments.com/grow 888.658.7368 Maximize your exposure Showcase your property Generate quality leads
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