America’s apartments are almost entirely full thanks to solid job formation, a limited loss of renters to home purchase, and a lack of apartment construction.
Citing a new report from RealPage, Curbed reports that the nation’s apartment occupancy rate is 95 percent, a near record-level. Several metros from San Jose to Providence, and Milwaukee to Orlando, have occupancy levels at 96 percent or higher.
Demand is strong, and it is unlikely to decline in part due to the lack of supply. Developers added 86,000 units last year, well off pace of the 175,000 needed to meet demand.