Nationally, the total new apartment supply amounts to around 1.4 million units—well exceeding the decade-long historical average of 980,000 units. That is according to John Burns Research and Consulting's latest edition of The Light focusing on the wave of new apartment supply.
To understand the entire picture of new supply, John Burns searched metros undergoing construction of new units in addition to its deliveries in the past 12 months to estimate the total new apartment supply. Unsurprisingly, several Sunbelt markets are seeing more deliveries than other metros around the country.
Top 5 Metros for Apartment Development
Here are the five top metropolitan areas delivering and constructing new apartments in 2024.
1. Dallas
The Dallas, Texas, metro leads the nation in apartment development, according to John Burns:
- 20,062 units completed in 2023
- 55,212 under construction in 2024
- Total new supply of over 75,200 units
2. Phoenix
Phoenix, Ariz., is the second metro experiencing a surge of apartment demand:
- 17,167 units completed in 2023
- 51,208 under construction in 2024
- Total new supply of over 68,300 units
3. New York
New York, N.Y., comes third for total new apartment supply:
- 10,543 units completed in 2023
- 53,330 under construction in 2024
- Total new supply of over 63,800 units
4. Austin
Austin, Texas, is the forth metro delivering new units:
- 17,025 units completed in 2023
- 42,986 under construction in 2024
- Total new supply of over 60,000 units
5. Atlanta
Atlanta, Ga., rounds out the top five list of new apartment development:
- 20,001 units completed in 2023
- 34,250 under construction in 2024
- Total new supply of over 54,200 units
Future Outlook
While a record number of new supply is being built in the next couple of years, construction is expected to peak by 2025 before declining due to tighter financing and reduced permit numbers. Prepare for both short-term influx and long-term supply shortage.
Click here to read the full John Burn's report: How to Ride the Apartment Supply Wave.
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