A handful of major apartment markets recorded significant demand rebounds recently, pointing to renewed momentum heading into peak leasing season. After a volatile two-year stretch, multifamily demand is beginning to show clearer signs of stabilization across the U.S. From 2021 through early 2026, leasing activity moved through three distinct phases: a post-pandemic surge, a sharp correction driven by record supply deliveries and now an emerging rebound. Dallas saw the nation’s most extreme demand ricochet, with 5,960 units absorbed in 1st quarter following deep net move-outs from more than 2,000 units in late 2025, according to data from RealPage Market Analytics. Washington, DC was the nation’s worst performer in late 2025, with net move-outs from more than 4,000 units, only to recover 2,700 units of demand in the first three months of 2026. Pheonix is the only market on this list that didn’t lose out on demand in late 2025. While Phoenix saw demand for over 3,000 units in the last three months of 2025, the market saw more robust absorption from over 7,000 units in early 2026.
