Apartment Demand Sees Massive Jump During the Third Quarter, Data Shows

Originally published on September 29, 2021, by Greg WIllett for RealPage.com.

U.S. demand for apartments continued to soar in 3rd quarter 2021. Preliminary calculations from RealPage, Inc. showed that the nation’s occupied apartment count jumped by 255,094 units during the July to September time frame. That’s the biggest quarterly product absorption figure seen in records that go back to the early 1990s.

The annual demand volume as of 3rd quarter registered at 597,354 units in the preliminary stats. That figure soared beyond the past economic cycle’s peak of some 380,000 units absorbed in the year-ending 3rd quarter 2018. Annual product demand averaged about 250,000 units in 2010 to 2020.

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