The number of apartment dwellers nationwide is nearing a record, as 95 percent of units are now occupied, according to rental data from RealPage, a real estate analytics firm. “Solid job formation, continued limited loss of renters to home purchase, and widespread availability of appealing new apartments” are continuing to boost rental demand, says RealPage CEO Greg Willett.
But supply isn’t keeping up with demand: 86,431 units were added nationwide in the last quarter, but RealPage analysts say the demand was closer to 175,645 units. Here are the cities with the highest apartment occupancy rates in the U.S., according to Axiometrics.
- Minneapolis-St. Paul, Minn.: 97.4%
- Milwaukee: 97%
- New York: 96.9%
- Detroit: 96.8%
- Providence, R.I.: 96.6%
- Sacramento, Calif.: 96.4%
- San Diego: 96.3%
- Columbus, Ohio: 96.3%
Strong demand pushed rental rates 1.8 percent higher year over year in the second quarter of 2017, with monthly costs averaging $1,339, according to RealPage. The cities with the fastest rental growth this year are Sacramento, Calif.; Seattle; Riverside, Calif.; Fort Worth, Texas; Salt Lake City; Las Vegas; San Diego; Atlanta; and Orlando, Fla.
Source: “U.S. Apartment Inventory Nearly Full, Highlighting Supply Crunch,” Curbed.com (June 30, 2017)