A hallmark of the current apartment market cycle has been unprecedented construction volumes across the U.S. Several metro areas have seen their apartment inventories swell by more than 20% since 2010 as developers shower them with new units. But that’s not the case everywhere. In fact, new supply has been almost nonexistent in some metros. Five of the 150 largest U.S. markets tracked by RealPage have seen less than 1,000 new units completed this cycle, and surprisingly, they’re concentrated in two states. Port St. Lucie/Sebastian/Vero Beach, FL has seen the lowest amount of new supply in the nation, at a mere 411 units. Another Florida market makes the list as Palm Bay-Melbourne-Titusville has only seen 853 new units since early 2010. In California, Stockton-Lodi (595 units), Salinas (620 units) and Bakersfield (874 units) have all seen low supply this cycle. Nationwide, more than 2 million new units have been completed since early 2010.