Apartment Demand Surged to a Near-Record Highs in 2nd Qtr
A new report from RealPage and Axiometrics says apartment demand surged to a near-record volume in Q2 2017, saying essentially that occupancy is full and the annual pace of rent growth has stabilized. The report says apartment occupancy as of mid-year stood at 95% (which they say is essentially full performance). Rents for new-resident leases rose 1.8% during the second quarter. Nationally, monthly rent now averages $1,339.
“Today’s strong demand for apartments reflects the combination of solid job formation, continued limited loss of renters to home purchase, and widespread availability of appealing new apartments,” said Greg Willett, chief economist for RealPage.
Detroit ranked 4th on the list of areas with the lowest vacancy rate in the country at 96.9%. Grand Rapids did not make the list.