Despite notable improvement in apartment demand this year, the continued deluge of new units delivered across the country has kept downward pressure on average occupancy and has limited rent growth. New supply will likely play a similar role in multifamily performance through next year. A recent blog post covered the top markets in year-to-date net absorption. As a companion, below are the top ten markets in new units delivered this year through August.
Because large markets naturally populate the top of the list, we’ve also included the top ten list by the percent of existing stock to get a size-adjusted look at the numbers. All numbers refer to conventional properties of at least fifty units. Additional complimentary market-level data can be found here.
Market | New Units Delivered | Percent of Existing Stock |
---|---|---|
TX - Dallas / Fort Worth | 28,235 | 3.3% |
GA - Atlanta | 23,728 | 4.6% |
NY - New York City | 21,741 | 3.4% |
CO - Denver / CO Springs | 18,557 | 5.1% |
FL - Tampa | 15,599 | 5.7% |
TX - Houston | 14,969 | 2.2% |
TX - Austin | 14,031 | 5.1% |
NC - Charlotte | 13,988 | 6.3% |
AZ - Phoenix | 13,387 | 3.7% |
DC - Washington | 12,924 | 2.5% |
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Market | New Units Delivered | Percent of Existing Stock |
---|---|---|
SC - Myrtle Beach | 2,246 | 14.1% |
FL - Fort Myers / Naples | 4,714 | 10.4% |
GA - Savannah | 4,336 | 8.8% |
FL - Pensacola | 3,533 | 8.8% |
ID - Boise | 3,249 | 8.6% |
AZ - Flagstaff | 744 | 8.1% |
SD - Rapid City | 429 | 6.8% |
AL - Huntsville | 3,257 | 6.8% |
NC - Charlotte | 13,988 | 6.3% |
NC - Wilmington | 2,191 | 5.9% |
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