Biggest Apartment-Construction Boom-Towns Are Not What You May Think
Source: wolfstreet.com | Re-Post MNM Partners, LLC 7/26/2018 –
We’re going to shake up the status quo of apartment construction reporting. First, we’re going to lay out the status quo – the classic way of looking at this, the way you typically see it, where the New York metro comes out invariably as #1.
And then we’re going to look at it by population size of the metro, for metros with over one million people. And boy, do we get surprises.
For the past few years, there has been a multi-family construction boom across the US. About 283,000 new apartments are expected to be completed by the end of 2018, just a bit below last year when apartment deliveries hit a 20-year record of 317,872 units.
Over the three years 2016-2018 – this eliminates some of the year-to-year volatility – deliveries are projected to hit 910,000 apartments, according to RentCafé, a division of Yardi. This will be the highest three-year total since the all-time record of 1983-1985 (933,000).