Year end demand saw negative output driven by an underperforming fourth quarter. Quarterly net move-outs equaled 44,718 units, down from the third quarter, however annual moveouts totaled 103,485 units, resulting in negative annual demand for the first time since 2009. With the start of the pandemic
creating pent up demand for apartments, 2021 saw a record year for absorption, carrying that momentum into the first half of 2022. The second half of the year saw a sharp softening in demand, and as negative demand continued, national quarterly occupancy declined 70bps to 95.1%, which however is still up 2.3% on an annual basis.