Conquering Budget Season in Your Metro | Q3 2024

As we enter budget season, it's time to take a close look at your multifamily property's performance. By analyzing market trends, occupancy rates, and financial performance, you can make data-driven decisions that optimize your budget and set your property up for success in the coming year.

For Q3, Apartment List will provide in-depth analyses of rental market data for key metro areas. We're continuing with a look at 10 dynamic markets: Milwaukee, St. Louis, Chicago, Tampa, Orlando, Detroit, Cleveland, Columbus, Cincinnati, and Kansas City.

Vacancy Rate: A Snapshot of Market Demand

This metric represents the percentage of rental units currently unoccupied. A high vacancy rate indicates a less competitive market with more available units, while a low rate suggests a strong demand for rental properties. Vacancy rates help you assess market conditions and identify opportunities for strategic pricing and promotions.

In most markets, vacancy rates have been rising over the past year, which has generally led to slower rent growth.

Here’s a look at the vacancy rates in our ten featured metros:

• Milwaukee: 5.5%, up 0.7%
• St. Louis: 6.8%, up 1.3%
• Chicago: 5.6%, up 0.4%
• Tampa: 7.1%, up 0.9%
• Orlando: 6.8%, up 0.8%
• Detroit: 4.6%, down 0.6%
• Cleveland: 5.7%, up 0.1%
• Columbus: 5.9%, up 1.0%
• Cincinnati: 5.0%, up 0.7%
• Kansas City: 6.2%, up 0.2%

Apartment List: Your Data-Driven Partner in Multifamily Success

In today's competitive multifamily rental landscape, knowledge is power. By staying informed about key metrics, you can transform your leasing operations. Craft a winning leasing strategy, reduce vacancy periods, and outperform your competition – all through data-driven decision-making.

Apartment List is your one-stop shop for all your multifamily leasing needs. Connect with qualified renters and leverage our market insights to make informed decisions and achieve peak performance. Turn more inquiries into viewings; Apartment List’s Lea Pro enables 68% more lead-to-tour conversions. Ready to unlock the benefits of our Smart Leasing Platform? Get in touch today!