CRED iQ data: apartment concessions rise as median occupancy holds at 94%

An analysis of 7,597 securitized apartment loans by CRED iQ found median occupancy flat at 94% from a year earlier, with revenue up 1.0%, expenses up 2.5% and net operating income down 0.2%, CRE Daily reported. Revenue fell in 29 of 69 metros, led by Denver and Austin, where NOI dropped 11.8% and 10.8% and the number of loans below 1.0x debt service coverage roughly doubled. Concessions appeared in 6.8% of October 2026 Freddie Mac watchlist servicer comments, up from 3.8% a year earlier, covering 294 loans worth $6.3 billion.