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.
Related Stories
Mixed-Use | Apr 9, 2024
A surging master-planned community in Utah gets its own entertainment district
Since its construction began two decades ago, Daybreak, the 4,100-acre master-planned community in South Jordan, Utah, has been a catalyst and model for regional growth. The latest addition is a 200-acre mixed-use entertainment district that will serve as a walkable and bikeable neighborhood within the community, anchored by a minor-league baseball park and a cinema/entertainment complex.
Multifamily Housing | Apr 9, 2024
March reports record gains in multifamily rent growth in 20 months
Asking rents for multifamily units increased $8 during the month to $1,721; year-over-year growth grew 30 basis points to 0.9 percent—a normal seasonal growth pattern according to Yardi Matrix.
MFPRO+ New Projects | Apr 8, 2024
Construction complete on The Station Apartments in Minneapolis
Big-D Midwest recently completed construction on The Station Apartments at Malcolm Yards, an innovative and unique housing property in Minneapolis.
Mixed-Use | Apr 4, 2024
Sustainable mixed-use districts: Crafting urban communities
As a part of the revitalization of a Seattle neighborhood, Graphite Design Group designed a sustainable mixed-use community that exemplifies resource conversation, transportation synergies, and long-term flexibility.
Architects | Apr 2, 2024
AE Works announces strategic acquisition of WTW Architects
AE Works, an award-winning building design and consulting firm is excited to announce that WTW Architects, a national leader in higher education design, has joined the firm.
Standards | Apr 1, 2024
New technical bulletin covers window opening control devices
A new technical bulletin clarifies the definition of a window opening control device (WOCD) to promote greater understanding of the role of WOCDs and provide an understanding of a WOCD’s function.
Adaptive Reuse | Mar 30, 2024
Hotel vs. office: Different challenges in commercial to residential conversions
In the midst of a national housing shortage, developers are examining the viability of commercial to residential conversions as a solution to both problems.
Green | Mar 25, 2024
Zero-carbon multifamily development designed for transactive energy
Living EmPower House, which is set to be the first zero-carbon, replicable, and equitable multifamily development designed for transactive energy, recently was awarded a $9 million Next EPIC Grant Construction Loan from the State of California.
Adaptive Reuse | Mar 21, 2024
Massachusetts launches program to spur office-to-residential conversions statewide
Massachusetts Gov. Maura Healey recently launched a program to help cities across the state identify underused office buildings that are best suited for residential conversions.
