With April coming to a close, we can see how the rates have compared to last year.
In April 2022, the average price per square foot/ was $1.76. While this past month, for April 2023, the average price per square foot had dropped to $1.51 per square foot. This was a 14.2% decrease year over year.
This is a significant decrease in rates YoY. Still, anecdotal evidence the Radius+ team has been hearing the past week or so has indicated that lease-ups have increased in volume dramatically. This, in turn, will translate into higher rates as the months go on, and once we see this, we can expect the YoY percentage decreases to decrease as well.