U.S. apartment demand rebounded in 2023, ending the year in decent shape. But out of the nation’s 150 largest apartment markets, only a handful logged annual demand of more than 8,000 units, according to data from RealPage Market Analytics. All but two of these markets are located in the South region of the country. Three of those high-demand markets were in Texas, where job growth has been solid in recent years. Houston was the nation’s apartment demand leader, absorbing over 15,600 units in calendar 2023. Austin logged demand for nearly 11,400 units, while Dallas absorbed about 10,200 units. Other South region markets with big apartment demand in 2023 included: Washington, DC and Charlotte (each with over 10,000 units), Atlanta and Nashville (with over 9,000 units) and Raleigh/Durham (8,700 units). The only two markets outside of the South to record big demand in the past year were Phoenix (over 12,000 units) and Minneapolis (nearly 8,700 units).
