Nation-Leading Apartment Supply Coming Online in Florida

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Florida is one of the fastest growing apartment regions nationwide. Roughly 66,000 new apartment units delivered in the Sunshine State in the year-ending 1st quarter 2024. That total accounted for more than 13% of all U.S. supply in that time frame. In fact, among states, only Texas gained more apartment supply last year. Within Florida, deliveries grew the local housing stock by nearly 4%, the third-fastest rate of expansion among any region classified by RealPage. The Carolinas expanded by 4.7%, the biggest expansion nationwide, followed by the Mountains/Desert region, which grew by 4%. Within Florida, Orlando was the state’s supply leader, adding over 12,900 units in the year-ending 1st quarter. Tampa and Jacksonville logged completions of over 8,000 units each in the past year, while Miami was close to that with over 7,800 units added.

For more information on the state of the Florida apartment market, including forecasts, watch the webcast Market Intelligence: Q2 Florida Update.