The Rent Roll with Jay Parsons EP#30 Lee Everett | Q2 '25 U.S. Apartment Market Update
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Apr 17, 2025 
Lee Everett, EVP and Head of Research for Cortland, joins to discuss the current U.S. apartment market dynamics. He highlights rising demand alongside declining supply, offering insights on rent growth for 2025 and 2026. The conversation touches on the resilience of the Sunbelt region compared to traditional markets, as well as demographic shifts influencing housing demand. Lee reflects on his career journey from college football to real estate, providing a unique perspective on market analysis and strategies for navigating upcoming economic uncertainties.
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Apartment Supply Peak and Demand Surge
- Apartment supply peaked in late 2024 and is now declining but remains historically high.
- Demand is rising strongly with record first-quarter absorption in 2025 across many markets.
Rent Growth and Wage Dynamics
- Apartment rent growth is modestly rebounding, reaching a 21-month high at 1.1%.
- Wage growth outpaces rent increases, widening the demand funnel and boosting affordability.
Construction Slowdown Reinforces Market Tightness
- Apartment starts are plunging, causing under-construction units to drop to the lowest since 2018.
- This supply slowdown will reinforce tighter conditions and rent growth in the coming years.