Top 5: 2023 New Supply (So Far)
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 |
|---|---|---|
| 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% |
Top 5 Markets: New Supply as Percent of Existing Stock
| Market | Avg Effective Rent | Percent Change |
|---|---|---|
| NY – New York City | $3,105 | 2.8% |
| CA – San Francisco/Oakland | $2,844 | -0.8% |
| MA – Boston | $2,728 | 3.8% |
| CA – Los Angeles/OC | $2,725 | 1.6% |
| CA – San Diego | $2,705 | 2.3% |
| CA – Central Coast | $2,552 | 3.2% |
| FL – Miami/Fort Lauderdale | $2,442 | 2.0% |
| DC – Washington | $2,138 | 3.2% |
| CA – San Bernardino/Riverside | $2,138 | 0.4% |
| WA – Seattle | $2,076 | 0.0% |
Disclaimer: All content and information within this article is for informational purposes only. ALN Apartment Data makes no representation as to the accuracy or completeness of any information in this or any other article posted on this site or found by following any link on this site. The owner will not be held liable for any losses, injuries, or damages from the display or use of this information. All content and information in this article may be shared provided a link to the article or website is included in the shared content.