Renter demand for apartments nationally during the first three months of the year broke a more than 30-year record, according to RealPage.
More than 138,000 market-rate units were leased between January and March, while the number of units under construction is close to a 50-year high, RealPage said.
In Sun Belt cities such as Phoenix, where supply is booming, rent continues to decrease, but experts believe they will turn around.
“Even in the markets where rents are being cut most deeply, monthly rent growth in March indicates that momentum will likely build throughout the prime leasing season,” said the report.
Source: https://www.orionprop.com/topfive/record-multifamily-absorption-signals-strong-start-to-2025/
