This year has been surging across all key performance indicators for the apartment market and the year-end was no exception. According to data from RealPage, quarterly demand was near 140,000 units. Down from the previous quarter, this is still very strong demand for the fourth quarter as this is generally a slowdown during the leasing season. Occupancy continued to climb and increased 30 basis points from last quarter to 97.4% and was 1.8 points higher, year-over-year. While economic recovery has varied among the different markets, all major U.S. markets currently have more occupied units today than since the pandemic started. With the 2021 having the roll out of vaccines and health mandates loosened, people returned to the office which drove demand for apartments in most populated urban areas.