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Markets with Increased Apartment Demand

Markets with Increased Apartment Demand

Despite the challenges of 2020, a handful of markets posted apartment demand notably ahead of their performances from 2019. Atlanta was the standout performer, recording one of the nation’s strongest absorption tallies – of nearly 16,400 units – in calendar 2020. The only market with more demand was the combined Dallas/Fort Worth area, which absorbed more than 20,000 units, but that volume was about 7,000 units below the metroplex’s performance from 2019. In Atlanta, demand in 2020 was 7,000 units ahead of its 2019 tally. In fact, the last time demand in Atlanta was even close to this recent high was back in calendar 2000, when the market absorbed more than 13,600 units, just before demand took a dive during the 2001 recession. Markets that saw demand increase by about 2,400 units to 2,800 units between 2019 and 2020 include Las Vegas, Riverside and Baltimore. Meanwhile, 2020 demand was roughly 1,000 to 1,700 units over 2019 figures in Sacramento, Fort Lauderdale, Providence, Detroit, San Diego, Portland and Kansas City. In Providence, nearly 1,600 units of demand in 2020 was not stellar compared to some other markets in the U.S., but that figure was notably ahead of the roughly 100 units this market absorbed in 2019.