Apartment Demand Surged in Second Quarter

Walnut Creek, CA, July 18, 2016—Demand for U.S. rental apartments surged during the second quarter, gaining momentum after a sluggish performance in the first quarter of the year, reports RealPage.

The occupied apartment count across the nation’s 100 largest metros rose by 127,402 units in the second quarter, one of the biggest quarterly demand totals posted throughout recent years. Furthermore, apartment demand from April to June well surpassed completions totaling 67,550 units.

“U.S. apartment occupancy inched up to 96.2% in second quarter, regaining the bit of ground lost in late 2015 and early 2016,” says RealPage. “Current occupancy matches this economic cycle’s previous peak rate seen in the 3rd quarter 2015. The only time occupancy has been tighter was at the height of the tech boom in 2000 and early 2001.”