South to Receive Half of National Apartment Supply Next Year
In the year-ending 1st quarter 2023, the U.S. will receive more new apartments than any year in at least the last four decades. About half (50.7%) of all those new units will deliver in the South, according to data from RealPage Market Analytics. Of the more than 454,000 units forecasted to complete in the coming year, about 230,400 units will be delivered in the South. These deliveries will include typical supply heavyweight markets such as Austin, Houston and Dallas. The West will get about 125,800 new units, accounting for about 28% of total national inventory. Both the Midwest and Northeast regions will get about 11% of total national supply with about 49,000 new units each scheduled to complete. For comparison, the South comprises about 41% of the nation’s total existing apartment inventory, followed by the West with about 28%, the Midwest with about 18% and the Northeast with about 13%.