Rent and Operating Trends – Week of September 17th 2023
September 19, 2023
- Category: Research
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We are excited to share with you the Chart of the Week!
Gateway Markets: Multifamily Supply Surge
New supply is one of the leading challenges facing the multifamily industry, as more than 1,000,000 units are currently under construction across the United States. Many of those new developments are concentrated in popular sunbelt markets that have gained significant population in recent years. However, New York remains the most active development market from a total number of units perspective. More than 90,000 units are currently under construction in the New York MSA, beating Dallas by nearly 20,000 units. Most of the rest of the top 10 are located in the Southeast and sunbelt markets, with generally fewer restrictions to build than coastal Gateway markets. In addition to New York, coastal Gateway markets Los Angeles and Washington D.C. also cracked the top 10.
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