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Apartment Demand, Rent Growth Stay Strong

RICHARDSON, TX—Although multifamily construction is “substantial,” the current development pace is “justified by the very strong demand tallies,” says Greg Willett at RealPage.

RealPage's Greg Willett “The apartment sector’s winning streak has run seven full years so far,” Willett says.

RICHARDSON, TX—“Rent growth doesn’t have to reach best-ever readings to be strong,” says Greg Willett, chief economist at RealPage. The firm said Tuesday that while rent growth is expected to slow in the near term from the 5%-plus pace set in 2015, cooling to 3.8% in the year that just ended, it’s still well above historical norms.

RealPage says the nation’s 100 largest metro areas saw apartment demand of 328,559 units in 2016, up 24% from the previous year’s net move-in total. Demand recorded for ’16 was the third largest calendar year volume posted during the past three decades, just behind 2000 and 2010.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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