National apartment demand has steady improved since bottoming in 2022, but the increase in demand has not been nearly enough to offset a deluge of new supply. For most markets around the country, net absorption totals in the first half of the year looked robust relative to 2022 and 2023 but remained lower than in the years preceding the COVID-19 pandemic. These dynamics have created a situation in which apartment demand performance has been somewhat in the eye of the beholder.
A focus on year-over-year change in net absorbed units provides a positive picture whereas a focus on net absorption totals relative to the long-term average or relative to new supply totals provides a more sobering view. With all of this in mind, below are the top ten markets nationally for 2024 net absorption through June. In the second table, markets are ranked according to net absorbed units as a share of existing stock in order to provide a market size-adjusted perspective.
All numbers refer to conventional properties of at least 50 units.
| Market | Net Absorbed Units | Absorption as Share of Existing Stock (%) |
|---|---|---|
| Dallas - Fort Worth | 6,963 | 0.8% |
| Houston | 6,110 | 0.9% |
| Los Angeles - OC | 5,815 | 1.0% |
| Orlando | 5,758 | 2.5% |
| San Francisco - Oakland | 4,788 | 1.4% |
| Philadelphia | 4,588 | 1.3% |
| Phoenix | 4,313 | 1.2% |
| Salt Lake City | 4,111 | 3.6% |
| Austin | 4,031 | 1.5% |
| Denver - CO Springs | 3,807 | 1.1% |
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| Market | Net Absorbed Units | Absorption as Share of Existing Stock (%) |
|---|---|---|
| MT - State of Montana | 1,240 | 10.5% |
| WV - Charleston | 476 | 5.6% |
| SC - Myrtle Beach | 1,076 | 5.5% |
| TX - Abilene | 441 | 5.1% |
| HI - State of Hawaii | 327 | 3.9% |
| SD - Rapid City | 232 | 3.7% |
| UT - Salt Lake City | 4,111 | 3.6% |
| WI - Madison | 2,113 | 3.3% |
| ME - Augusta/Portland | 273 | 3.2% |
| ID - Boise | 1,061 | 2.9% |
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