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Strong leasing activity in this young summer season has pushed occupancy to a level the nation’s apartment market hasn’t seen since the tail end of the tech boom in the early 2000s. After surging 60 basis points (bps) since April, U.S. apartment occupancy hit 96.0% in May, the highest rate since 2001. Among the nation’s 50 largest local apartment markets, only one – Milwaukee – lost ground in occupancy month-over-month. The other 49 large markets gained at least 10 bps of occupancy from April to May 2019.

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Southeast cities including Nashville, Tenn., Atlanta and Charlotte, N.C. are seeing rising demand for apartments. Strong economies are quickly filling new apartments in Southeast cities including Charlotte, N.C., Nashville, Tenn. and Atlanta.

No signs of a slowdown. That’s the takeaway from Yardi Matrix’s recently released April multifamily report, which shows that monthly apartment rents across the country are continuing their steady rise. As the report says, “There seems to be no reason to think the multifamily juggernaut is going to hit the pause button.”