Overall the trend has been downward in occupancy, especially for many newer multifamily properties.
The largest sectors hit have been in the areas with the largest job losses. For the most part the most heavily affected portions of the market have been higher end, newer developments.
As people start looking to cut costs, housing is one of the first to be reduced. Many people find that paying more for amenities they do not use is no longer a viable option.
Downsized workers are often looking to downsize their monthly rent and looking to more affordable apartments, often in older properties.
The massive glut of foreclosed single family homes has opened up opportunities for investors to grab them at discounted rates and then rent them out. This has also dealt a blow to the multifamily industry, by creating more competition in the market.
Apr 13, 2010