Top 5: Apartment Demand

Jordan Brooks
June 12, 2023
Apartment demand remains stubbornly low in most markets around the country to this point in the year. For context, the number one market in the nation for net absorbed units through May of this year would have been only the tenth highest in 2019 – the last year before the myriad disruptions and unusual features of the last three years.

There are some unusual markets in spots three through five that typically are not national demand leaders. These are areas that underperformed to varying degrees in the 2020 through 2022 period. In the second Top 5 ranking, which is a size-adjusted look at apartment demand so far this year, smaller markets run the table.

The numbers below will reflect net absorption through May among conventional properties of at least fifty units. For more detailed information on each of the markets listed, ALN offers complimentary Market Review reports.

Market Net Absorbed Units

FL - Tampa 4,282

AZ - Phoenix 4,254

IL - Chicago 4,194

CA - San Francisco - Oakland 3,920

MN - Minneapolis - St. Paul 3,870

Market Net Absorbed Units

Net Absorption as % of Existing Stock

SC - Myrtle Beach 900 6.2%

FL - Pensacola 1,831 5.2%

ID - Boise 1,378 4.6%

LA - Lake Charles 242 3.9%

TX - Midland-Odessa 828 3.3%

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