Top 10: Market Net Absorption
Apartment demand has steadily gained momentum since bottoming out in 2022. Combined with a slowdown in new deliveries, stronger net absorption has fueled the early stages of an average occupancy recovery that began in 2025. As always, significant differences exist beneath the national data at the market level.
Typically, market net absorption entries in the Top 10 series include net absorbed units over the last 12 months and those units as a share of existing stock. This edition adds one more metric. The share of properties offering a lease concession to new residents adds another important layer of context given current market conditions.
While the absorption data itself looks encouraging, a key caveat is that the realized demand of the last couple of years has come alongside increasingly widespread lease discounts. This helps explain why many markets have seen absorption trend higher and average occupancy begin to recover, while effective rent growth has yet to turn the corner.
All numbers refer to net absorption over the last 12 months among conventional properties of at least 50 units. For more market-specific data, sign up here to receive our complimentary Market Review reports.
ALN markets comprise one or more Census Bureau Metropolitan Statistical Areas (MSAs), so a market name should not be understood as the city proper. For example, ALN’s New York City market spans the New York–Newark–Jersey City MSA.
Top 10 Markets
|
Market |
Net Absorbed Units |
% of Existing Stock |
Props Offering Concession (%) |
|---|---|---|---|
|
NY – New York City |
68,805 |
12.5% |
13% |
|
TX – Dallas – Fort Worth |
40,488 |
4.6% |
50% |
|
GA – Atlanta |
32,786 |
6.3% |
27% |
|
AZ – Phoenix |
32,688 |
8.4% |
40% |
|
NC – Charlotte |
23,328 |
9.7% |
27% |
|
TX – Austin |
20,215 |
7.1% |
55% |
|
FL – Miami – Fort Lauderdale |
19,077 |
8.4% |
24% |
|
FL – Orlando |
17,450 |
7.7% |
40% |
|
TX – Houston |
16,852 |
2.5% |
44% |
|
DC – Washington |
16,783 |
3.2% |
19% |
Primary markets dominate any national ranking of net absorbed units simply because of their size. The table below provides a size-adjusted view, ranking the top 10 markets by net absorbed units as a share of existing stock.
Top 10 by Share of Stock
|
Market |
Net Absorbed Units |
% of Existing Stock |
Props Offering Concession (%) |
|---|---|---|---|
|
VT – State of Vermont |
323 |
21.50% |
23% |
|
SD – Rapid City |
928 |
15.20% |
22% |
|
MT – State of Montana |
1,975 |
14.20% |
22% |
|
SC – Myrtle Beach |
2,242 |
13.50% |
39% |
|
FL – Fort Myers – Naples |
6,875 |
13.20% |
40% |
|
NY – New York City |
68,805 |
12.50% |
13% |
|
ME – Augusta – Portland |
905 |
12.20% |
5% |
|
LA – Lake Charles |
752 |
11.60% |
8% |
|
NC – Wilmington |
4,476 |
10.60% |
29% |
|
GA – Savannah |
5,642 |
10.20% |
26% |
Disclaimer: All content and information within this article is for informational purposes only. ALN Apartment Data makes no representation as to the accuracy or completeness of any information in this or any other article posted on this site or found by following any link on this site. The owner will not be held liable for any losses, injuries, or damages from the display or use of this information. All content and information in this article may be shared provided a link to the article or website is included in the shared content.
