South Atlantic Apartment Supply Set to Rebound in 2027

While supply pressure eases across much of the Sun Belt, the South Atlantic is heading the other way, with 2027 apartment deliveries forecast to climb above 2026 levels. After a pullback in 2026, new apartment supply across Delaware, DC, Maryland, North Carolina and Virginia is forecast to rise to over 41,900 units in 2027. That is an increase of more than 11,400 units, or roughly 38%, and a notable contrast with several Sun Belt peers, where lighter construction is translating into a thinner delivery pipeline. The increase is not evenly spread. Charlotte (up 5,186 units to 13,543) and Raleigh/Durham (up 4,186 to 9,441) account for more than 80% of the regional jump, while Richmond, Washington, DC and Greensboro also see more deliveries. Carolina markets enter 2027 with strong demand foundations, but more than one-third of Charlotte units are already offering concessions. The 2027 wave is also more concentrated in select submarkets than the metro-wide surge of 2023 and 2024, and total deliveries remain well below the 2024 peak of roughly 65,600 units. Even so, it will take a strong year of demand to absorb this much new supply.