RealPage: “What We Got Right - and Wrong - About the Apartment Market in 2023”

Forecasting involves taking a series of data points, running them through models (both qualitative and quantitative), then sharing what is ultimately a best guess as to what a trend means and/or what a future expectation is. But it’s not an exact science. We’re just making best-informed guesses based on data and gut feeling.

That said, let’s look back at some predictions we made for 2023 and see where we got it right, where we got it wrong and where results were mixed.

In January, we forecasted that three types of markets were poised to outperform in 2023, including college towns, high job growth markets and affordable, low beta markets. Meanwhile, we also forecasted that three types of markets could be positioned to struggle in 2023, namely high-supply markets, markets where loss to lease vanished and a select few lifestyle markets. Let’s grade our 2023 predictions.

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