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
Urban Planning | Jun 15, 2023
Arizona limits housing projects in Phoenix area over groundwater supply concerns
Arizona will no longer grant certifications for new residential developments in Phoenix, it’s largest city, due to concerns over groundwater supply. The announcement indicates that the Phoenix area, currently the nation’s fastest-growing region in terms of population growth, will not be able to sustain its rapid growth because of limited freshwater resources.
Multifamily Housing | Jun 15, 2023
Alliance of Pittsburgh building owners slashes carbon emissions by 45%
The Pittsburgh 2030 District, an alliance of property owners in the Pittsburgh area, says that it has reduced carbon emissions by 44.8% below baseline. Begun in 2012 under the guidance of the Green Building Alliance (GBA), the Pittsburgh 2030 District encompasses more than 86 million sf of space within 556 buildings.
Industry Research | Jun 15, 2023
Exurbs and emerging suburbs having fastest population growth, says Cushman & Wakefield
Recently released county and metro-level population growth data by the U.S. Census Bureau shows that the fastest growing areas are found in exurbs and emerging suburbs.
Mixed-Use | Jun 12, 2023
Goettsch Partners completes its largest China project to date: a mixed-used, five-tower complex
Chicago-based global architecture firm Goettsch Partners (GP) recently announced the completion of its largest project in China to date: the China Resources Qianhai Center, a mixed-use complex in the Qianhai district of Shenzhen. Developed by CR Land, the project includes five towers totaling almost 472,000 square meters (4.6 million sf).
Mixed-Use | Jun 6, 2023
Public-private partnerships crucial to central business district revitalization
Central Business Districts are under pressure to keep themselves relevant as they face competition from new, vibrant mixed-use neighborhoods emerging across the world’s largest cities.
Multifamily Housing | Jun 6, 2023
Minnesota expected to adopt building code that would cut energy use by 80%
Minnesota Gov. Tim Walz is expected to soon sign a bill that would change the state’s commercial building code so that new structures would use 80% less energy when compared to a 2004 baseline standard. The legislation aims for full implementation of the new code by 2036.
Multifamily Housing | Jun 1, 2023
Income-based electric bills spark debate on whether they would harm or hurt EV and heat pump adoption
Starting in 2024, the electric bills of most Californians could be based not only on how much power they use, but also on how much money they make. Those who have higher incomes would pay more; those with lower incomes would see their electric bills decline - a concept known as income-based electric bills.
Multifamily Housing | May 30, 2023
Boston’s new stretch code requires new multifamily structures to meet Passive House building requirements
Phius certifications are expected to become more common as states and cities boost green building standards. The City of Boston recently adopted Massachusetts’s so-called opt-in building code, a set of sustainability standards that goes beyond the standard state code.
Multifamily Housing | May 30, 2023
Milhaus, Gershman Partners, and Citimark close on $70 million multifamily development in Indy
Versa will bring 233 studio and one- and two-bedroom apartments to Indianapolis's $271 million, Class-A Broad Ripple Village development enterprise.
Multifamily Housing | May 23, 2023
One out of three office buildings in largest U.S. cities are suitable for residential conversion
Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.
