The table below depicts the weighted average rent per apartment unit and physical occupancy as of
MSA | State | Number of Units | Avg Rent Per Unit as of 2022 | Occupancy Rate as of 2022 | Effective New Lease Rate Growth for Q4 2022 | Effective Renewal Lease Rate Growth for Q4 2022 | Effective Blended Lease Rate Growth for Q4 2022 | |||||||
1,936 | $ 1,648 | 96.8 % | 0.0 % | 9.9 % | 3.8 % | |||||||||
3,225 | $ 1,584 | 96.0 % | 6.6 % | 14.1 % | 9.4 % | |||||||||
2,236 | $ 1,477 | 95.7 % | -2.2 % | 10.8 % | 2.9 % | |||||||||
304 | $ 1,034 | 97.7 % | 6.5 % | 12.3 % | 9.2 % | |||||||||
965 | $ 953 | 94.5 % | -1.8 % | 11.9 % | 4.6 % | |||||||||
Total Portfolio | 8,666 | $ 1,482 | 96.0 % | 2.1 % | 11.9 % | 6.0 % |
The lease growth rates shown above, for the fourth quarter of 2022, are calculated as the average percentage change over the prior lease for new or renewed leases during the quarter.
"During the fourth quarter, occupancy accelerated to 96.0% sequentially from 94.7% in the previous quarter," said
The REIT also provided an update on its NCIB. During the three months ended
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events, including the accretive impact of the REIT's capital recycling efforts on future financial results, and in some cases can be identified by such terms as "will" and "expected". Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the three months ended
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