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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