If there's a bright spot in the challenging multifamily landscape, it's that demand for apartments has pushed absorption to one of its highest points in 24 years, with the most recent six months a striking example.
"The impressive demand reading in year-ending 2nd quarter 2024 may be difficult to overstate," according to a new report from RealPage Market Analytics, citing the 390,000 units that were leased on net over the past 12 months. Indeed, that was the eighth-highest annual number since the year 2000.
In the first and second quarters of 2024 alone, 257,000 units were absorbed – "essentially in line with the all-time high set in the pandemic-era demand swell which saw about 270,000 units absorbed in the first half of 2021," the report noted.
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