Demand for Apartments Increases in Q2 of 2024
Analytics Contributor
According to RealPage Market Analytics, over the past 12 months, approximately 390,000 apartment units were occupied, which is the eighth-largest figure since 2000. In the first two quarters of 2024, around 257,000 units were filled, similar to the record high set during the pandemic. Despite the gap between supply and demand narrowing, there continues to be a moderate surplus of supply. With over half a million new units built in the past year, representing a 45% increase from the previous 12-month period, this marks the highest number of apartment units delivered since 1986. However, the gap between supply and demand is narrowing, as demonstrated by stabilized national occupancy and rent growth rates. Occupancy remained at 94.2% in June, holding steady for three consecutive months.
