U.S. rental apartment leasing proved strong in the third quarter, according to RealPage. The occupied apartment count climbed by 146,517 units on net in the third quarter.
That product absorption pace is more than four times the minimal demand for about 34,000 apartments recorded in the second quarter, which normally is the seasonal peak in leasing activity. Furthermore, demand in the third quarter topped the net leasing volume from the same period a year ago by 8 percent.
“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 Greg Willett, RealPage chief economist. “Leasing activity is still spotty by metro and by individual neighborhood, but the overall story is a good one.”
RealPage calculations show especially big demand for apartments in three Sun Belt metros — Dallas/Fort Worth, Atlanta and Houston. Those
