New Apartment Supply to Surge in 2020
So far in this economic cycle, which began in 2010, new apartment supply across the U.S. has not topped 310,000 units in any year. However, that will change in 2020. By year’s end, about 371,000 new apartments are scheduled to complete across the nation’s 150 largest markets. This run-up in supply will grow the total number of new apartments completed in this decade-old cycle by 17%, which represents a 50% increase from 2019’s new supply total. The massive increase in scheduled deliveries is driven in large part by several markets that will double or triple new supply in 2020.