Consumers Feeling More Confident, Inspiring Apartment Demand

While the U.S. economy has been on good footing for a while now, consumer confidence didn’t turn around until recently, and that sentiment has boosted apartment demand.

Consumer confidence and apartment demand trend together. When consumers feel good about the economy, apartment demand makes notable strides. Likewise, in times of perceived trouble, the human reaction is to hunker down until the storm clears, dampening apartment absorption.

In 3rd quarter, the U.S. apartment market absorbed a little over 90,800 units, according to data from RealPage Market Analytics. While that was below some of the quarterly demand tallies from the decade leading up to the COVID-19 pandemic, positive demand in 2023 is a notable turnaround from the net move-outs seen throughout much of 2022, when consumer sentiment hit a record low.

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