DALLAS—Existing home sales reached an eight-month high last month, and a recent GlobeSt.com article raised anew the question of whether new supply is overtaking demand in the multifamily sector. However, four new reports, including one from Dallas-based Axiometrics, indicate that apartments' reign is far from done.

Axiometrics reported on Tuesday that June's concession rate of 0.78% was the lowest in at least five years, annualized effective rent growth of 3.6% was the highest since December 2012 and occupancy remained above 95% for the second month in a row. “In April, 2014 year-to-date effective rent growth just edged 2011 and 2012 to position itself as the strongest year of the recovery,” says Jay Denton, VP of research at Axiometrics. “The apartment market's performance in the past two months has widened the gap.”

Annualized national effective rent growth increased 10 basis points in June to 3.6%, compared to 3.5% in May, according to Axiometrics. June marked the fourth straight month that effective rent growth increased, as well as the fourth consecutive month in which the rate was 3.1% or above. The rate was the highest since January 2013, when it was 1/100th of a percentage point ahead of where it was in June.