Apartment Demand Far Outpaces Starts in Sun Belt Markets

Across the U.S., apartment demand keeps climbing just as building starts have plummeted. In the year-ending 2nd quarter, nearly four more apartments were absorbed than started, with nearly 800,000 units absorbed, compared to about 215,000 units started, according to data from RealPage Market Analytics. That was an increase from the already solid ratio of 3.4 from 1st quarter. Across Sun Belt markets, however, that ratio varied. In Atlanta, there were 5.6 times more units absorbed than started in the year-ending 2nd quarter 2025. Austin was close behind with a demand-to-starts ratio of 5. San Antonio, Charlotte and Raleigh all had demand-to-starts ratios between 4.1 and 4.6. Only a handful of Sun Belt markets posted demand-to-starts ratios below the national norm, trailed by the lowest ratio in Miami and West Palm Beach, both at 1.4, indicating relative balance between forthcoming supply and current demand.