Apartment demand across the country easily outpaced record new supply and neared its highest level in more than three decades last year, according to RealPage. Three-quarters of the nation’s 50 largest apartment markets saw demand outpace current supply, and five of those areas had excess demand exceeding 3,000 units.
RealPage said nearly 589,000 units came online across the country last year, while nearly 667,000 were absorbed, creating excess demand of 77,800 units. This is notable as new supply was at a 50-year high in 2024.
Much of the excess demand occurred in the West and South, possessing demand for 29,808 units and 25,506 units respectively. The Midwest and Northeast regions' demand also exceeded new supply levels, at 14,368 units and 8,132 units respectively.
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