It will take a few quarters for demand to catch up to supply
- 2,733 units will deliver in 2022
- More units delivered than were absorbed; therefore, the occupancy rate dropped to 85%
Over the past two quarters, there have been 925 new units delivered and the market posted a net absorption of 138 units. The high rate of units delivered exceeded the amount of units leased; therefore, the occupancy rate dropped to 85% during the first quarter of 2022.
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