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Consumer demand for apartments hit a record high in the third quarter of this year, with new data from RealPage showing that the nation’s occupied apartment count jumped by a staggering 255,094 units from July to September. The figures mark the biggest quarterly absorption since the 1990s.

Annual demand data as of Q3 registered at 597,354 units, well beyond a prior cyclical peak of 380,000 units recorded in the third quarter of 2018. Annual demand over the decade spanning 2010 to 2020 averaged around 250,000 units.

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