2022 Apartment Supply Still a Record, Despite Delays
At the beginning of 2022, it looked as if the U.S. would set a record – by a large margin – for the amount of new apartment units. While that holds true at the mid-year point, the volume of units scheduled to complete in 2022 has been notably reduced, as material shortages and other delays have pushed completion timelines into 2023. Over 380,000 new apartments are scheduled to complete by the end of 2022, increasing the existing unit base by 2.1%, according to data from RealPage Market Analytics. While this is a bit behind the original volume of scheduled completions for the year, it’s still the most new supply the nation has seen in any single year since at least the 1980s. Now that timelines have been pushed back, however, calendar 2023 is set to see completions total near 530,000 units. Depending on inflationary pressures, worker shortages and access to equipment and materials, it remains to be seen whether that timeline will hold true.