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%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
