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RealPage’s Greg Willett: “Apartment Demand is Back”
U.S. rental apartment leasing rebounded strongly in the third quarter, RealPage said Thursday. The occupied apartment count climbed by 146,517 units on net in the July through September time frame. That compares with about 34,000 apartments absorbed in Q2, normally the busiest leasing season of the year.
“While the U.S. economy has a long way to go before it’s fully healed, there’s enough job production to allow new household formation to return in some areas, so apartment demand is back,” said RealPage chief economist Greg Willett. “Leasing activity is still spotty by metro and by individual neighborhood, but the overall story is a good one.”
RealPage data showed especially big demand for apartments in three Sun Belt metro areas: Dallas/Fort Worth, Atlanta and Houston. Combined, they accounted for 17% of the nation’s apartment absorption in Q3. Quarterly leasing activity also was solid in Phoenix, Denver and Charlotte, according to RealPage.
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- ◦Economy
- ◦Lease
