The positive momentum that began in the first quarter for the apartment sector has largely carried forward into peak leasing season across most markets, according to a RealPage review of Q2 earnings reported by larger multifamily REITs.

Apartment demand continued to be strong during the three months through June, despite ongoing macroeconomic uncertainty, the report found. This demand was driven by employment growth, wage growth, in-migration and housing affordability across regions and product classes.

AvalonBay Communities and Camden Property Trust both noted positive demand, with AVB characterizing it as better than expected for the first half, which it attributed to full employment with stable job and income prospects in its markets. Sun Belt-focused Camden said the main driver of apartment demand in its markets is household formation, which is attributed to population and employment growth, apartment affordability and positive demographic trends.