U.S. Apartment-Building Sales Soar to Record

U.S. apartment building sales have jumped to record levels, outpacing all other forms of commercial real estate.

Deals totaled $241.9 billion in the 12 months through September, up 27% from the same period in 2019, according to a RealPage Inc. analysis of data from Real Capital Analytics Inc. going back to 2001. Apartments accounted for 44% of all transactions, the most for any commercial-property type.

Investors are chasing apartments as leasing costs soar higher and faster than ever. Demand is high because home-purchase prices have climbed out of reach for many Americans amid a scarcity of inventory. Multifamily deals are growing fastest in sunny, relatively affordable places such as Dallas, Atlanta and Phoenix, where people are moving for jobs.

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