Demand for apartments hit a high not seen in five years as a shortage of affordable homes has locked an increasing number of Americans out of the market.
According to recent data from RealPage, the national occupancy rate rose to 95.8% from 95.4% last year.
The increase in demand has sent rental prices upward, causing them to rise 3% from the same time last year.
Rental price increases varied across cities, with Las Vegas and Phoenix posting the greatest gains at 8.8% and 8.1%, respectively.
Of the cities that saw the most leasing activity, the Dallas-Fort Worth area takes the cake, with renters moving into 10,443 units in the second quarter of 2019, RealPage revealed.
“Apartment leasing activity accelerates during the warmer weather months, and demand is proving especially strong in this year’s primary leasing season,” according to RealPage chief economist Greg Willett.
“Solid economic growth is encouraging new household formation, and rentals are capturing a sizable share of the resulting housing demand,” Wlillet continued. “At the same time, loss of existing renters to home purchase remains limited relative to historical levels.”