There were 440,000 multifamily units delivered in 2023 with 670,000 expected in 2024. This is the year when the new supply relative to current inventory will rocket higher:
The south region is contributing over 50% of the new supply:
The major supply markets of 2023 will experience a tidal wave in 2024:
The following are the top 20 markets for new supply in 2023 relative to the size of their current inventory. All 20 of these markets were ranked in the top 22 for net absorption (demand). The supply/demand battle will be one to keep a close watch on as we move forward.
Multifamily Market News 