NAA Apartment Market Pulse shows supply and demand nearly balanced in the third quarter

The National Apartment Association's third-quarter Apartment Market Pulse shows about 305,000 units absorbed over the past year against about 318,000 completions, leaving supply ahead of demand by roughly 13,200 units, down from about 68,500 in the second quarter, Building Design + Construction reported. Average effective rent was $1,915, up 1.9% year over year, and occupancy was 95.4%, down 10 basis points from the prior quarter. Sales volume reached $32.9 billion, up 30.8% from the second quarter but down 10.5% from a year earlier.