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Near-Record Product Absorption Maintained Through Third Quarter
Apartment leasing registers an upside surprise. Renter demand for U.S. apartments in 2024 is on track to surpass the levels most forecasters predicted coming into this year. Through the third quarter, net absorption hit 442,000 units. Even if the typical seasonal leasing slowdown occurs from October through December, demand in calendar 2024 will reach the second strongest annual volume posted in the past five decades, behind only the pandemic-influenced 2021 tally. Sun Belt metros lead the way, including Dallas-Fort Worth, Austin, Houston, Phoenix and Atlanta. Other parts of the country also report solid net absorption, notably in New York City and neighboring Northern New Jersey, along with Seattle-Tacoma and Washington, D.C.