Apartment demand rose to 175,645 units across the U.S. in the second quarter of 2017, according to a recent report from RealPage. This number is up one-third from one year ago, and sits close to a record-high level of demand volume.
New apartment completions totaled 86,431 in the second quarter, less than half of the current level of demand. RealPage notes that the market is still working to absorb the surplus of new units completed last year and early this year, during which almost no net demand existed. “Today’s strong demand for apartments reflects the combination of solid job formation, continued limited loss of renters to home purchase, and widespread availability of appealing new apartments,” said Greg Willett, chief economist for RealPage, in a statement.