With rents declining and supply increasing, some normalcy in apartment traffic may be a relief for landlords. May 2023 numbers represent a continuation of what has occurred over recent months, according to a post from RealPage Analytics. 

RealPage Analytics bases its estimate on lead volumes from virtual and/or physical guest cards, which prospective residents fill out to share their contact information as they hunt for a new place to live. Of course, it is not a guarantee of a done deal but rather a possibility that someone looking might rent in a specific building.

RealPage reports that the May leads are above the cycle in the years around 2010, after the Great Recession occurred, but down from the very busy period of 2021-2022 when residents moved, often because they could due to remote work opportunities.