Several large U.S. apartment markets continued to see solid absorption volumes at the end of 2025, even as seasonal net move-outs dominated the broader landscape, according to a RealPage analysis.
The national apartment market posted net move-outs in the fourth quarter for the first time in three years, following a slowdown in third-quarter absorption, signaling a broader return to pre-pandemic normalcy after an extended period of rapid growth.
Of the nation's 50 largest apartment markets, only 14 recorded positive demand in the fourth quarter and just four of those absorbed more than 1,000 units between October and December. New York, the nation's largest apartment market, posted the strongest fourth-quarter absorption, taking in about 4,300 units compared with its five-year quarterly average of roughly 4,600 units. This marked the seventh consecutive quarter of positive absorption, with apartment occupancy at 96.9% in January 2026, remaining among the tightest nationwide after hovering around 97% since April 2024.
Phoenix followed closely, absorbing nearly 4,000 units, marking the eighth consecutive quarter at or near the 4,000-unit level, though volume has eased slightly from late-2024 peaks. Only two other Western markets posted positive absorption: San Diego took in just under 1,000 units, and Oakland added roughly 40 units.
Fort Worth posted the third-largest apartment demand during this quarter and was the only large Texas market with positive absorption, adding just over 1,500 units, slightly below the metro's five-year quarterly average. Occupancy in Fort Worth was 92.8% at the start of 2026, one of the lowest among the top 50 markets.
Several Southeastern markets also maintained positive absorption, particularly in Florida, where Miami added 718 units with 95.4% occupancy, Orlando absorbed 583 units at 94.2% occupancy, Fort Lauderdale took in 438 units at 95% occupancy and West Palm Beach added 123 units at 95.2% occupancy. In the Northeast, Newark logged nearly 1,400 units absorbed in the fourth quarter, down from its recent five-year quarterly average of approximately 3,400 units, though occupancy remained among the tightest nationwide at 96.5%.
Other notable metros with positive fourth-quarter absorption included Columbus in the Midwest, which absorbed nearly 500 units, Charlotte with 247 units and occupancy at 93.8% while posting one of the strongest annual performances nationally with 14,437 units absorbed in 2025, Richmond with 235 units at 95.4% occupancy and Virginia Beach with 100 units at 96.4% occupancy.
Over the full year, Phoenix led U.S. apartment demand, absorbing 23,349 units, followed by New York with 18,174 units and Newark with 16,151 units, highlighting the continued strength of high-demand gateway and Sun Belt markets.
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