Florida apartment demand improved by nearly 700% in the past year. This was a pattern seen across the nation, as every region in the U.S. saw a turnaround in apartment absorption activity from the year-ago performance. Florida saw the nation’s sixth-best regional improvement year-over-year. The state logged demand for 52,216 units in the year-ending 2nd quarter 2024, which was the nation’s 3rd best performance regionally after Texas and the Mountains/Desert region. Florida’s latest annual absorption tally was fueled notably by its 2nd quarter performance and was 673% more than the total the state absorbed in the year-ending 2nd quarter 2023. Additionally, the past year’s demand showing was double the state’s pre-COVID average between 2015 and 2019.
For more information on the Florida apartment markets, including forecasts, watch the webcast Market Intelligence: Q3 Florida Update.
