Out of the nation’s 50 largest apartment markets, 15 hit all-time demand records in the year-ending 2nd quarter 2025. In each of these markets, record absorption paced notably ahead of concurrent completion volumes, which were also elevated – in some cases significantly – from historical norms. And the majority of these were in the South region of the country. The demand peak in Dallas was the biggest, with over 42,200 units absorbed in the past year, according to data from RealPage Market Analytics. That was more than double the market’s average annual demand pace over the past 10 years. Atlanta, Phoenix and Charlotte absorbed between 22,000 and 33,000 units in the year-ending 2nd quarter. Demand in those markets was roughly three times the decade norm. A handful of markets absorbed roughly 15,000 to 16,000 units in the past year, including Philadelphia, Raleigh/Durham, Tampa and San Antonio. Those were all also performing at about three times the typical pace for demand. Peak volumes were below the 10,000-unit mark in the remaining seven markets. Among those, Riverside and Memphis logged demand at roughly four to five times their typical pace.
