Madison Holds on to Apartment Demand
While demand plunged in much of the country in 3rd quarter, the small Madison market continued to post strong fundamentals. Out of the nation’s largest 150 markets, nearly 120 logged net move-outs in the July to September time frame. Wisconsin’s capital city, however, bucked that trend, racking up absorption for roughly 550 units for the quarter. Thus, annual demand held strong as well, coming in at 3,071 units. This marked the top apartment demand performance among the small markets tracked by RealPage Market Analytics. Madison’s annual demand tally nearly doubled the market’s five-year average and wasn’t too far behind the historic peak of roughly 3,600 units reached just one quarter earlier. Supply volumes in Madison also reached market highs, with over 2,500 units delivering in the past year.