Sun Belt Dominates List of High Apartment Demand Markets
For the past three years, the Sun Belt markets have dominated for apartment demand. Dallas/Fort Worth led with the most demand, absorbing 60,377 units between early 2020 and early 2023, according to data from RealPage Market Analytics. Another big Texas market, Houston also ranked as an apartment demand winner, absorbing 45,126 units in the past three years, while demand was solid at around 30,000 units in Newark, Austin and Washington, DC. Among the largest 50 apartment markets, five logged an occupied unit increase of more than 10% in the three-year time frame. Not surprisingly, Nashville and Austin saw the biggest boosts around 13%. Charlotte and Jacksonville logged upturns around 11%, while Salt Lake City logged occupied unit growth of 10.2%. Of the largest 50 apartment markets, only Pittsburgh saw a loss of absorption in the past three years, logging 286 net move-outs, pulling the occupied unit count down by 0.2%.