There was noted heavy demand for more space during the heights of the pandemic. When offices and schools were closed, along with cafes, libraries, and other places that might offer a place to work or study, people looked for larger living spaces. That could be purchasing a house out of a city, or it could also be leasing a larger apartment.
Renters' choices are swinging back in the other direction now.
"In yet another example of apartment fundamentals returning to pre-pandemic norms, occupancy among unit types has rebounded back to typical pre-COVID patterns," RealPage writes. "In particular, occupancy among the largest unit type – three-bedroom units – has softened, after surging to all-time highs earlier in 2021 and 2022."
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.
