The National Multifamily Housing Council (NMHC) released their October survey data:
The Market Tightness Index decreased from 96 to 82 – indicating further tightening in market conditions (any reading above 50 indicates tighter conditions).
Most (71 percent) respondents reported tighter market conditions than in the July survey, compared to only 8 percent who reported looser conditions. Twenty percent of respondents felt that conditions were unchanged from 3 months ago.
This graph shows the quarterly Apartment Tightness Index. Any reading above 50 indicates tighter conditions from the previous quarter.
Here is the question and the responses:
Historically that is a very high percentage.