Although the vast majority of the survey participants, 58%, saw no change at all in sales volume numbers, a notable 28% of the participants said sales volume was higher in the third quarter than it was in the second quarter. And while nearly half of the survey respondents saw little or no change in the vacancy rate to increased rent ratio, 41% of the respondents indicated that market tightness in their areas is looser than it was in the previous quarter.

Industry experts say the trend is a predictable one that is likely to continue until the economic climate takes a significant turn for the better. "The economy has not improved appreciably in the last three months," NMHC chief economist Mark Obrinsky says of the results. "In particular, the current recovery is looking more and more like the previous one, widely known as 'the jobless recovery.' Without sustained job growth, any increase in apartment demand is likely to be muted."