Chart of the Week – November 6th 2023
Units Under Construction
New supply is the most significant headwind facing the multifamily industry in today’s market. Supply is up in nearly all markets compared to a few years ago and more than 400,000 new units will be delivered in both 2023 and 2024. New York, leads all markets with more than 100,000 units currently under construction, followed by one of the perennial leaders in new construction, Dallas. Austin, Nashville, and Charlotte also crack the top ten, however the size of these markets makes the impact of new supply even more severe in terms of rent and occupancy declines. Tune in to next week’s chart of the week for more insight on construction as a percentage of existing apartment inventory.
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