New Apartment Supply Expected to Reach 30-Year High This Year

April 27, 2020 | Comments Off on New Apartment Supply Expected to Reach 30-Year High This Year

The apartment sector is expected to have a banner year, with new supply reaching a three-decade high across the country’s 150 largest apartment markets, according to a new report from RealPage, a property management software firm. For this year, the company is predicting 371,000 new units will enter the multifamily market.

Larger markets like Los Angeles are expected to see a surge in new units, and researchers say many smaller markets are expected to see an uptick too.

Small markets with largest construction spikes table. Visit source link at the end of this article for more information.

© RealPage

In January, construction starts for multifamily units hit a 34-year high. Multifamily starts are up across the country, with every region in the U.S. posting increases. Multifamily completions more than doubled in the Midwest in January (184%) and were up 19.8% in the South and 46% in the West.

Source: RealtorMag.com


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