In a world of growing uncertainty, there's one thing that seems dependable, at least in commercial real estate: the need for housing keeps rising. First quarter data from RealPage shows historically unprecedented demand, occupancy, and rents in the multifamily market.

Net demand for apartment space hit 712,899 units over the 12-month period ending in March 2022, according to the firm. "That's 8% more than the previous high set one quarter earlier, and 76% higher than the pre-COVID-era peak set back in 2000," the report reads.

Although occupancy usually falls a bit in the first quarter, it increased 10 basis points to 97.6%. Year-over-year rent growth in new lease asks was 15.2% in March. Florida dominates the markets as eight out of ten of the largest year-over year areas for rent growth. Out of the Sun Belt, New York hit the top spot for net demand. "Similar trends were seen to a lesser degree in other big coastal markets like San Jose, San Francisco, Oakland, Los Angeles, Seattle, Northern New Jersey and Washington, DC," the report noted.