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Sunbelt Enjoys Renewed Rental Demand as New Construction Starts to Wane

Texas, Florida and North Carolina are key multifamily markets.

By Kristen Smithberg | November 18, 2024 at 07:00 AM

The Sunbelt has experienced a renewed surge in apartment demand this year after a supply and demand mismatch caused vacancy rates to climb over the past two years. With a significant decline in new construction starts this year, the region is poised for future growth, according to a multifamily report by American Landmark.

Southern markets continue to attract residents and businesses thanks to its favorable climate, economic opportunities and job growth, as well as a business-friendly environment, lower taxes and overall lower cost of living than in other regions of the country. These factors are fueling steady demand for rental properties as people seek accessible and flexible housing options as they follow job opportunities.

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