Small Apartment Markets with Big Inventory Growth
As U.S. apartment construction drives forward at a brisk pace, some smaller apartment markets are scheduled to see big inventory jumps in the near term. A lot of these markets are vacation hot spots that performed well during the initial year of the COVID-19 pandemic, when remote workers migrated to towns with attractive lifestyle options. The small market with the biggest inventory increase expected nationwide is Huntsville, AL, where a little over 6,000 units will grow the existing unit count by a substantial 16.7%, according to 4th quarter data from RealPage Market Analytics. That’s more than three times the national inventory change average. Also scheduled to see significant inventory growth of more than 15% are Provo-Orem, UT, Colorado Springs, CO and Boise City, ID. Three Florida markets grace the list of small market inventory growth leaders, with increases of 14.1% expected in Lakeland-Winter Haven and growth just shy of 11% expected in the small beach towns of North Port-Sarasota-Bradenton and Port St. Lucie/Sebastian/Vero Beach. The Midwest market of Sioux Falls, SD should see its existing base increase by 12.5%, while southern darlings Asheville, NC and Savannah, GA are scheduled for growth of about 9% to 10%.