RICHARDSON, TEXAS — Demand for apartments in 2021 and early 2022 was booming, with new renters filling apartments at record levels. In the third quarter, however, most markets experienced a “surprisingly big slowdown in leasing traffic,” according to RealPage, a data analytics and property software company based in Richardson. Negative demand means that in the third quarter of 2022, more tenants moved out than in. According to Realpage, this slowdown has caused a decrease in demand, with negative 82,095 units absorbed, bringing year-to-date net demand down to negative 47,143 units. This is during a time that is typically a seasonally strong leasing period. Effective asking rents fell to negative 0.2 percent month-over-month in September, the first time effective asking rents have fallen since December 2020. Apartment demand in the third quarter of 2022 registered as negative in 119 of the nation’s 150 largest metros. Most of these metros only saw mild decreases in demand, but a handful of markets did see notable decreases in apartment occupancy of up to 1.5 percent, including cities such as Phoenix and Las Vegas and some Florida markets, including Tampa, Fort Lauderdale, Orlando, Jacksonville and West Palm Beach. RealPage emphasizes that the U.S. apartment market …
