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Apartment supply spiking in certain markets

By Patrick following x   2018 May 10, 5:31pm 342 views   0 comments   watch   sfw   quote     share    


https://www.multihousingnews.com/post/economy-watch-apartment-development-to-spike-in-certain-markets/

The largest supply increase predicted for 2018 is in Sacramento. Last year, 682 apartment units were completed there; this year, 1,614 will be, for an increase of 137 percent compared with 2017. Los Angeles will also see a large increase in the number of units completed this year: 6,456 in 2017 and 14,087 units this year, for an increase of 118 percent.

Other markets that will experience sizable supply increases this year, according to RealPage, include Denver, Providence, R.I., Cleveland, Columbus, Jacksonville, Newark, St. Louis and Phoenix.

For its part, Denver, is expected to see nearly 13,000 units come online in 2018— an 80 percent increase from the roughly 6,500 units completed in 2017. The upcoming deliveries should grow the metro’s existing inventory base 4.1 percent. Thus far, Denver has been able to absorb its increasing supply, with the metro ranking among the nation’s leaders for both construction activity and rent growth during the current cycle.
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