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Renter Demand at Near-Record Levels

Even with many new apartment properties coming on line, strong demand from renters is shoring up pricing power, says Greg Willett at RealPage.

RealPage's Greg Willett “Widespread availability of appealing new apartments” is among the factors bolstering demand, Willett says.

RICHARDSON, TX—Apartment rent growth may have slowed compared to its pace earlier in the cycle, but renter demand is very nearly off the charts. RealPage Inc. on Thursday reported demand for 175,645 apartments across the US in the second quarter, a one-third increase year over year.

Meanwhile, occupancy stood at 95.0% at midyear, essentially full, according to RealPage’s Axiometrics division. Mid-2017 occupancy topped Q1’s 94.5% but slightly lagged the year-ago level of 95.3%, according to Axiometrics data.

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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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