Apartment demand fell during busiest renting season, RealPage report says

The third quarter of every year is historically the busiest for apartment rentals, but demand fell this year, according to RealPage.

It’s the first time the rental technology platform has recorded a third-quarter drop in the 30 years it’s been tracking the metric. Demand fell by more than 82,000 units nationally, according to the report.

This came after a record number of new renters filled apartments during the first two years of the Covid pandemic. Now, household formation appears to have stalled, with more renters now moving out than moving in.

Apartment vacancies popped 1 percentage point to 4.1%, still very low due to that previous demand surge.

“Soft leasing numbers coupled with weak…