In Q1 2020, the average sale price per unit was $45,488. The lower average sale price was due to two properties trading at $34,375 per unit and $16,129 per unit, respectively.
The occupancy rate for the quarter was 94.0%. Occupancy hasn’t dipped below 94.0% since Q2 2011. During that time period, average asking rental rates have increased by 28.2%.
Development has continued to surge—at the end of Q1 2020 there were 5,276 units under construction, spread across 27 buildings. This marks a 185% increase over the number of units under construction five years ago.