US apartment market rebounds on key metric in Q1 but remains weak historically
The good news: The nation added more than 19,000 renters in the first quarter of 2023, according to RealPage, putting demand back into positive territory after a net absorption of 114,000 units in 2022. The bad news: It was also the softest quarter since 2013, and with over 95,000 units coming to market soon, less absorption will mean greater concessions from property owners. The occupancy rate was 94.7 percent in March, down from 97.6 percent in February 2022, but that’s about average. About a million units were being built as of the end of March and about half are expected to deliver in 2023, but asking rents are still up 0.3 percent.