Even more so than the slowdown in rent growth or the persistence of muted apartment demand, the scale of multifamily new supply this year continues to be the major headline for the industry. In particular, when evaluating new supply as a share of existing stock, some markets around the country feature some eye-popping numbers.
These new units will ultimately be beneficial, but that does not preclude some challenges in the short term given the current demand environment. With the spring and summer months now mostly in the rearview mirror, the next six months tend to be softer for net absorption – even in the good times.
For more detailed information on each of the markets listed, ALN offers complimentary Market Review reports.
Top 5 Markets
| Market | New Units Delivered | % of Existing Stock |
|---|---|---|
| TX - Dallas/Ft. Worth | 22,428 | 2.7% |
| TX - Houston | 15,474 | 2.3% |
| TX - Austin | 13,535 | 5.3% |
| NY - New York City | 13,026 | 2.2% |
| CA - Los Angeles/OC | 12,768 | 2.2% |
Top 5 Markets: New Supply as Percent of Existing Stock
| Market | New Units Delivered | % of Existing Stock |
|---|---|---|
| SC - Myrtle Beach | 2,035 | 13.3% |
| SD - Rapid City | 404 | 7.5% |
| FL - Jacksonville | 6,991 | 6.6% |
| UT - Salt Lake City | 6,716 | 6.2% |
| ID - Boise | 1,871 | 6.0% |
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