Markets claiming all-time high apartment demand in the year-ending 3rd quarter were Phoenix, Charlotte, Raleigh/Durham, Nashville, Jacksonville, Las Vegas and Salt Lake City.
RealPage Director of Forecasting explains which apartment markets are expected to outperform in 2024 in terms of rent growth, occupancy, supply and demand.
North and South Carolina have nearly 60,000 apartment units underway, with about 46,000 of those delivering in 2025.
In 2Q25, Sun Belt markets saw strong absorption, nearly 4 units leased for every new start, underscoring persistent demand amid cooling construction.
Even after a decade of heavy apartment construction activity, the Carolinas continue to see rent growth.
Only a handful of apartment markets logged big demand volumes above 8,000 units in calendar 2023, according to RealPage.
Apartment inventory growth in some Carolinas markets has climbed well ahead of national averages.
Among the nation’s apartment supply leaders for 3rd quarter, Texas markets dominated once again.
Over the past three years, apartment demand across the Sun Belt markets has been significant, coming out ahead of other regions.
The small coastal town of Wilmington outpaced the national norm for annual effective asking rent growth in November 2022. According to data from RealPage Market Analytics, operator...