Part 2: New Supply in the Current Demand Environment
Not just Sunbelt markets could be feeling pressure from new supply in 2023, and the challenge will also not be limited to primary markets.
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Part 1: New Supply in the Current Demand Environment
The interplay between new supply and apartment demand will be an issue at the forefront of multifamily performance in 2023.
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Market Spotlight: Charlotte
Like many high-growth markets, Charlotte suffered from lower apartment demand and an active construction pipeline in 2022.
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Market Spotlight: Tampa
Tampa was at the forefront of the multifamily recovery last year and has similarly typified the challenges of the new environment.
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Checking in on the Construction Pipeline
With the end of the year approaching, it is time for a check-in on the multifamily new construction pipeline.
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Occupancy Likely to Remain Elevated Through End of 2022
Average occupancy has been on the decline in recent months, but thanks to last year’s apartment demand, plenty of cushion remains.
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Top 5: 2022 New Supply
Even with continued difficulties for new construction, more than 100,000 new units were delivered across the US through April.
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Construction Delays Outpacing Pipeline Growth
The multifamily new construction pipeline continues to grow, but so too does the average construction duration.
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Deliveries Are Up from Previous Years, but So Are Construction Times
The new construction pipeline has already delivered nearly 250,000 new units this year, but construction times continue to rise.
