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RealPage: Multifamily performance remains strong in Q3, elevated supply worries remain

HOUSING WIRE (SEPTEMBER 26, 2018) – While rent growth and occupancy remain strong, new supply fears linger through 2019.

According to RealPage’s Q3 report, this is the result of unusually strong demand this quarter. “Momentum in the apartment market’s performance during the third quarter slightly surpassed expectations,” RealPage Chief Economist Greg Willett said in the report.

As it stands, demand outstripped supply by more than 20,000 units. Americans leased 106,716 apartments while only 83,170 units were delivered. Year-to-date, the number of occupied apartments has increased by 295,750 units while new deliveries totaled 232,911 units.

All this consumption pushed occupancy up from 95.4% in Q2, to 95.8% in Q3.

Read more at: HOUSING WIRE.

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