Apartment demand during the first quarter was well ahead of average, boosting sector fundamentals back into a more normal range, according to a RealPage analysis. The report noted that the recent generational apartment supply wave began to ebb slightly during the first quarter, which indicates that the impact of high supply will start to pull back throughout the rest of 2025.
More than 138,000 market-rate units were absorbed between January and March, the highest first-quarter demand within RealPage’s data set going back more than 30 years. The first quarter's performance builds on three previous quarters of robust demand, totaling nearly 708,000 units absorbed nationwide over the past 12 months. This is consistent with absorption during the demand boom of early 2022, said RealPage.
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