On today’s show we are talking about one more headwind that is facing the multifamily apartment market across the US.
2023 was a record year for new apartment completions. There were a total of 440,000 apartment completions in 2023 according to RealPage. Some other estimates put the number as high as 510,000 units.
There are several markets that are oversupplied as a result of this surge in building. Demand dropped once the pandemic was over and we have seen the mobility in the US drop significantly.
There are numerous hot markets that are experiencing a glut in new apartments.
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