Small Market Inventory Growth Leaders
Inventory growth in 2022 will be meaningful in a few smaller markets, with scheduled expansion expected to keep up with some major supply markets. Some of these secondary markets have also been in the spotlight for growth in the past year. Across the nation, Huntsville, AL is seeing the most aggressive apartment building activity, with completions there growing existing inventory by 12.8% in 2022. For perspective, this small market is expected to see delivery of 4,261 units in 2022, which is very similar to the volume of product slated to complete in the much bigger markets of Las Vegas (4,516 units) and San Jose (4,253 units). Look for inventory growth of 6.2% in Reno, where 2,924 units are scheduled to wrap up in 2022, and an increase of 5.7% in Charleston, with the delivery of 3,852 units. In Florida’s Port St. Lucie, the near-term inventory growth rate reaches 5.3% (1,431 units), while an increase of 5.1% is slated for Boise (1,485 units).