Record-Breaking Apartment Demand in Q2 2025
In the second quarter of 2025, fifteen of the nation's fifty largest apartment markets set new demand records for the year ending June. These markets experienced absorption rates that significantly outpaced their new construction volumes, which were also higher than historical averages. The majority of these high-demand areas were situated in the Southern United States.
Leading Markets and Absorption Figures
Dallas led the surge, with over 42,200 units absorbed in the past year—more than twice the city’s average annual demand over the past decade, according to RealPage Market Analytics.
Similarly, Atlanta, Phoenix, and Charlotte each absorbed between 22,000 and 33,000 units, roughly tripling their typical demand levels for that period. Markets such as Philadelphia, Raleigh/Durham, Tampa, and San Antonio recorded absorption of approximately 15,000 to 16,000 units, also about three times their normal demand pace.
Regions with Lower but Significant Demand
In the remaining seven markets, peak absorption volumes remained below 10,000 units. Notably, Riverside and Memphis experienced demand levels ro...