Apartment Demand Smashes Previous Record High by 66%
For the vast majority of market-rate renters, apartments remain affordable and these renters moving in are bringing big incomes, according to recent data from RealPage.
Demand for market-rate apartments in 2021 soared far above the highest levels on record in the three decades RealPage has tracked the market. Net demand totaled more than 673,000 units—obliterating the previous high set in 2000 by a remarkable 66%.
Demand would have been even stronger if not for record-low vacancy, severely limiting the number of units available to rent. Strong demand drove up apartment occupancy 2.1 basis points year-over-year to 97.5%.
Both the increase and the resulting rate were the highest on record since RealPage began tracking apartments in the early 1990s.
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