Strong 1st Quarter Demand Across Most Regions
Strong apartment demand registered across most regions of the U.S. in 2021’s 1st quarter, which was a much-needed win for the apartment industry after a year of uncertainty caused by the COVID-19 pandemic. In the nation overall, nearly 53,000 units were absorbed in the first three months of the year. That healthy rate, which equates to about 17% of the country’s annual demand, was three of the nation’s four regions also logged about 20% of annual demand during 1st quarter 2021. In the South, nearly 32,500 units absorbed in 1st quarter equated to 18.1% of annual demand. This early 2021 demand volume was well ahead of what the South region typically absorbs in 1st quarter. In the West, over 13,500 units of absorption equated to 19.8% of annual demand. While solid, the 1st quarter reading in the West was a bit behind the normal performance for this region at this time of year. In the Northeast, over 5,000 units absorbed in 1st quarter equated to 17.4% of annual demand. That 1st quarter volume in the Northeast is well ahead of typical demand for this region in the early months of the year. In the Midwest, by contrast, only about 1,650 units were absorbed in 1st quarter. While a bit ahead of what the region typically absorbs in 1st quarter, that volume amounted to just 4.2% of annual demand in the Midwest.