The top stories of 2025 reflected a year of transition. The industry moved from grappling with record supply that peaked in late 2024 to unprecedented demand that topped out in mid-2025. While the U.S. apartment market tried to right itself after a once-in-a-generation supply wave, economic uncertainty surrounding tariffs and inflation introduced other challenges in an already complex multifamily landscape. Throughout the year, the RealPage Analytics blog drew on insights from RealPage Market Analytics as well as sources like the Bureau of Labor Statistics, the U.S. Census Bureau, and MSCI/Real Capital Analytics to provide clarity with data-driven analysis from our team of economists, analysts and writers. Here are the most-read RealPage Analytics stories of 2025.
#1: Why is 2025 Likely to Have Strong Apartment Demand if Job Growth Has Slowed?
One of the first articles we posted in 2025 drew audiences in, as Chief Economist Carl Whitaker explained the RealPage forecast called for improved U.S. apartment demand, despite slowing job growth. Factors expected to spur demand across the nation included improving affordability, limited single-family alternatives, rising consumer confidence and higher resident retention.
#2: Healthy 1st Quarter Demand as Supply Ebbs
Also early in the year, readers were captivated by the break in the nation’s unprecedented supply wave. Annual delivery volumes remained historically high but at least came down – finally – after eight quarters of incline. Annual absorption also started to rival the demand boom of early 2022. Economic signals remained mixed, with steady but slowing job growth, pressured consumer confidence and lingering uncertainty around tariffs and inflation.
#3: Supply Falls Again as Demand Peaks
The 2nd quarter update also drew heavy attention, as the U.S. apartment market absorbed more than 794,000 units annually – the highest demand tally on record. Additionally, the supply wave officially fell for a second consecutive quarter, marking a downward trend. Occupancy improved, hitting a recent peak of 95.6% as operators prioritized filling units over pushing rents. The quarter also highlighted a noisy economic backdrop of slowing job growth and weakening consumer sentiment.
#4: Big Markets with Record Apartment Demand
Record 2nd quarter absorption was driven by 15 of the nation’s 50 largest apartment markets hitting all-time demand records. Out of these, most were concentrated in the South, where demand far outpaced highly elevated completion volumes. Even smaller markets saw demand at four to five times their usual levels, despite peak volumes below 10,000 units.
#5: Occupancy Slumps in Major South Region Markets
Despite strong apartment demand, heavy supply volumes continued to weigh down occupancy performance across the South region apartment markets. As of May, Real Estate Writer Carissa Brown reported most of the nation’s lowest occupancy rates were in South region markets.
#6: U.S. Apartment Construction Activity Hits a Decade Low
As supply deliveries slowed, so did the volume of units in the pipeline. U.S. apartment construction fell to its lowest point in nearly 10 years, with just 542,800 units underway by the end of 2nd quarter 2025. That was a steep drop from the 1.1 million units underway at the construction peak in 2023. This decline was driven largely by significant slowdowns in key markets such as Austin, Phoenix, Atlanta, Dallas and New York.
#7: Operators Appear to Buy Occupancy as Rent Growth Slows
U.S. apartment occupancy saw the strongest April boost since 2010, starting off prime leasing season with a bang. At the same time, rent positioning backtracked as operators focused on filling vacant units amid economic uncertainty and a competitive leasing environment.
#8: Apartment Demand Slows, Leading to Uncommon 3rd Quarter Rent Cuts
Later in the year, U.S. apartment demand slowed from record peaks, leading to rare rent cuts during the typically solid 3rd quarter. Supply-heavy regions like the South and West saw the deepest rent cuts. In contrast, tech-heavy coastal markets such as San Francisco, New York and San Jose still posted rent growth, aided by lower supply volumes and return-to-office trends.
#9: Orlando Leads the Nation in Employment Growth
Readers took notice when we reported Orlando led the nation for job growth among the 50 largest apartment markets over the past five years. The Orlando job surge outpaced other fast-growing metros like Austin and Las Vegas. Two of Florida’s other major markets – Miami and West Palm Beach – also ranked high.
#10: Markets with the Most Fortune 500 Headquarters in 2025
Always a fan favorite on the blog, Real Estate Writer Charlotte Wheeler’s Fortune 500 company analysis once again ranked among the top viewed posts in 2025.
