Even with continued difficulties for new construction, more than 100,000 new units were delivered across the US through April. This volume represented a slight decrease compared to last year’s roughly 127,000 new units through the same portion of the calendar, but was more than new supply through April of 2020.
With apartment demand falling, development activity may finally begin to put some downward pressure on a national average occupancy that has been above 93% for nearly a year and has contributed to the upward pressure on rents.
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 |
|---|---|---|
| Dallas - Fort Worth | 6,356 | 0.8% |
| New York | 5,991 | 1.1% |
| Houston | 4,646 | 0.7% |
| Raleigh - Durham | 3,970 | 2.3% |
| Phoenix | 3,922 | 1.2% |
Top 5 Markets: New Units as Percent of Existing Stock
| Market | New Units Delivered | % of Existing Stock |
|---|---|---|
| Boise | 1,569 | 7.0% |
| Myrtle Beach | 451 | 4.3% |
| San Angelo | 273 | 4.0% |
| Huntsville | 1,455 | 4.0% |
| Fort Myers - Naples | 1,315 | 4.0% |
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