Demand for apartments in Florida improved by nearly 700% over the past year, correlating with a nationwide pattern across the country in which every region reported a turnaround in absorption activity from a year ago, according to a RealPage analysis.
Florida had the nation's sixth-best regional improvement in apartment demand year-over-year. In the year-ending second quarter 2024, The Sunshine State logged demand for 52,216 units, the nation's third-best performance regionally after Texas (72.519 units) and the Mountains/Desert region (55,611 units).
Second-quarter performance fueled Florida's annual absorption, which was 673% more than the total the state absorbed for the year ending Q2 2023. The past year's demand also was double the state's pre-COVID average between 2015 and 2019, according to RealPage.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
