A new report points to continued growth in the U.S. apartment market over the next two years.

Dallas-based Axiometrics Inc., a provider of data and analysis on the multifamily housing sector, says strong April performance numbers will help the industry deliver “outstanding returns” for owners and operators over the next 20 months, as effective rent growth and occupancy rates remain at near-record highs.

The result most tenants—especially in booming markets—are likely to find their wallets lightened by the rising rental rates.

“After what we had seen in the first quarter of this year, our April numbers sound a bit like a broken record — effective rents and occupancy rates continue to grow,” said Ron Johnsey, president of Axiometrics. “Some markets, though still experiencing solid increases in effective rents, have slowed down a bit, but overall the trend is onward and upward. Also, we may be seeing that other regions, which so far had not experienced strong growth in occupancy and rents, are now joining the party too.”

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