The demand rebound comes just as the 50-year high in apartment construction begins to convert into peak completions. Conversely, net demand was more limited along much of the West Coast. Demand hotspots elsewhere included Chicago, Washington, DC and Northern New Jersey. Through the first half of 2023, more than three-fourths of net new demand has gone to the Sun Belt or Mountain region, led by Houston, Phoenix, Dallas/Fort Worth, Charlotte, Nashville and Austin. That’s good news, but it’s still not enough to keep pace with new supply – and likely won’t be as completions peak later this year and well into 2024. That marked a five-quarter high but was well below the record numbers seen during the 2021 boom.Īpartment demand appears to be normalizing as expected so far this year. Net demand registered at 83,449 units in 2nd quarter, according to RealPage data. Net absorption came in just shy of surging new supply levels in 2nd quarter 2023, stabilizing occupancy rates after a precipitous decline in 2022. ![]() ![]() While rent growth continues to cool rapidly, apartment demand is rebounding so far in 2023.
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