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In Q2 2025, the U.S. apartment market absorbed over 227,000 units from April to June, surpassing previous peaks seen in 2021 and early 2022. This strong performance occurred despite economic uncertainties, with national occupancy rising to 95.6%, a 140 basis point increase year-over-year, according to RealPage data. However, rent growth remained muted at just 0.19% in June.
Over 535,000 apartment units were completed in the last year, with around 108,000 delivered in Q2. Areas like San Francisco, San Jose, Boston, and New York are experiencing increased demand, while markets in Las Vegas, Orlando, and Nashville are showing signs of weakness. Major residential REITs such as AvalonBay Communities, Equity Residential, Essex Property Trust, and UDR are set to announce their earnings, reflecting a projected revenue increase of 4.92% for AvalonBay and 4.78% for Equity Residential.
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