Q2 Apartment Demand Rises

Jul 01, 2019

Demand for apartment houses was on the rise during the second quarter, according to data from the real estate technology and analytics firm RealPage Inc.

Between April and June, net move-ins totaled 155,515 units, up 11 percent from one year earlier to a five-year high. Rents for new leases increased 1.8 percent during the second quarter while rents increased three percent from year-ago levels, reaching an average of $1,390 per month.

The Dallas-Fort Worth metro area led the nation in apartment leasing activity during the second quarter, with renters snagging up 10,443 units. Net move-ins passed the 6,000-unit level in Chicago, Houston, New York and Washington, D.C. Building in the apartment sector remained at three-decade highs, with more than 418,000 units of market-rate apartment properties under construction scheduled to be completed over the next 18 months.

“Apartment leasing activity accelerates during the warmer weather months, and demand is proving especially strong in this year’s primary leasing season,” said RealPage Chief Economist Greg Willett. “Solid economic growth is encouraging new household formation, and rentals are capturing a sizable share of the resulting housing demand. At the same time, loss of existing renters to home purchase remains limited relative to historical levels.”

Demand for apartment houses was on the rise during the second quarter, according to data from the real estate technology and analytics firm RealPage Inc.

About the author

Phil Hall

Link copied

Published

Jul 01, 2019

Industry News

Bank On Borrowers, Not Rate Predictions

Chasing rate forecasts wastes resources better spent on cold, hard business

Lenders and loan originators who listened to and relied on economists’ predictions hoped that lower rates would materialize all through 2023. Their disappointment carried through until September of 2024, when the Federal Reserve cut interest rates for the first time in four ...

Analysis and Data

Mortgage Credit Nosedives In November

Lackluster investor interest and industry consolidation are taking their toll on the market's liquidity

Mortgage credit declined sharply in November, with government indices reaching their lowest levels since 2012 according to updated figures from the Mortgage Bankers Association (MBA). Falling 3.3% to 95.9, November marks the fifth consecutive month of declines in the MBA’...