Apartment Markets Expecting the Most Inventory Growth
Apartment construction continues at a record pace across the U.S. and some markets are in store for significant inventory jumps. Among the nation’s largest 50 apartment markets, 10 are slated to see inventory grow 7.6% or more in the near term, according to 4th quarter data from RealPage Market Analytics. All 10 of these markets are in the South or the West region. While Nashville has regularly topped the nation’s apartment construction leaderboard in the past few years, there are now more units underway here than ever before. Over 26,700 units are underway, which will grow the market’s exiting inventory base by a stunning 15.4%. That’s three times the national average. Charlotte and Austin will also grow their inventories by a staggering rate of about 15% each. The nearly 32,500 and 42,000 units underway in Charlotte and Austin, respectively, also mark a lifetime peak. Raleigh/Durham, Salt Lake City, Phoenix and Jacksonville will all grow their inventories by over 10% with prolific building underway in those markets.