The apartment sector is expected to have a banner year, with new supply reaching a three-decade high across the country’s 150 largest apartment markets, according to a new report from RealPage, a property management software firm. For this year, the company is predicting 371,000 new units will enter the multifamily market.
Larger markets like Los Angeles are expected to see a surge in new units, and researchers say many smaller markets are expected to see an uptick too.
In January, construction starts for multifamily units hit a 34-year high. Multifamily starts are up across the country, with every region in the U.S. posting increases. Multifamily completions more than doubled in the Midwest in January (184%) and were up 19.8% in the South and 46% in the West.
Source: “Multifamily Permits Hit Five-Year High in January,” RealPage (March 3, 2020) and “New Apartment Supply in Several Small Markets to Rise in 2020,” RealPage (Feb. 27, 2020)
