Q1 Sees Apartment Demand Skyrocket
Sean Pavone
Demand for apartments more than doubled in the first quarter of 2024, exceeding the 10-year average, according to RealPage’s report. The report’s metrics show that quarterly absorption increased from just over 49,000 units in Q4 2023 to more than 103,800 units in Q1 2024. Seattle, Dallas, Austin, and Las Vegas experienced the biggest surge in demand, while New York, Newark, and Los Angeles saw a significant drop in demand volumes. The firm’s analysts believe the high demand could be a sign of a return to seasonal market norms for the U.S. apartment market after three years of unprecedented behavior in the market.
Source: https://www.orionprop.com/topfive/apartment-demand-more-than-doubled-in-q1/
