Despite a supply plateau in national construction figures, a handful of markets have actually seen a sizable year-over-year decrease in the total number of units under construction. Houston leads the nation with about 4,200 fewer units being built today compared to last year – partially explaining the market’s impressive rebound in the past year. But two other Sunbelt markets are getting a much-welcomed respite in construction volumes. Nashville is seeing a decrease of about 2,700 units, and San Antonio’s decrease is more than 1,900 units. Houston, Nashville, and San Antonio are in the nation’s top 10 markets for total inventory growth this cycle, so easing construction in these markets may provide some near-term relief. Meanwhile, West Palm Beach, Cleveland and Cincinnati have seen construction come to a near halt, with no more than five conventional, market-rate properties currently being built in these markets.
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