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U.S. apartment construction is expected to hit a historic high of more than 500,000 new units this year, a new study from RentCafe found, and South Florida is helping lead the surge. The influx represents a 9% increase compared to last year and a 30% jump from 2022. The Miami area ranked No. 9 among major metro areas, with more than 14,100 apartments expected to be completed in 2024. #Miamirealestate #SouthFloridarealestate #MiamiRealtors #SouthFloridaRealtors

After a decade of high-volume apartment construction, Houston’s multifamily market is entering a new phase. Annual deliveries, which peaked at over 25,000 units in mid-2024—the highest since the 1980s—are expected to gradually decrease to more normalized levels. This shift aligns with the end of an era of unprecedented construction waves and could signify new opportunities. #multifamily #supplyanddemand #marketshift

As apartment construction slows across the U.S., big investors are betting on higher rents as a result. With fewer new buildings coming to market, the supply of apartments is shrinking, leading experts to anticipate a boost in rent growth and property values. Developers are halting projects due to rising interest rates and tighter financing, leaving investment firms to seize opportunities in existing properties. Will the slowdown continue, and how will it affect rental markets nationwide? Continue reading The Wall Street Journal article to find out more about the changing landscape in multifamily real estate.

Apartment Construction to Break Record in 2024: Which US Cities Will See the Most? A report from RentCafe shows new apartment construction in the United States is expected to reach a record high of 518,108 in 2024, reports Mary Salmonsen in an article for Multifamily Dive. That sounds like good news for renters feeling the housing affordability crunch. However, according to the same report, the majority of those units are high-end projects that cater to middle- and higher-income renters. It also predicts says new apartment construction will likely fall year over year between 2025...Read More>>> https://buff.ly/4g48aTd #Insulation #ConstructionNews #MultiFamily #CommercialInsulation #MultiFamilyConstruction #Construction

Apartment Construction to Break Record in 2024: Which US Cities Will See the Most? A report from RentCafe shows new apartment construction in the United States is expected to reach a record high of 518,108 in 2024, reports Mary Salmonsen in an article for Multifamily Dive. That sounds like good news for renters feeling the housing affordability crunch. However, according to the same report, the majority of those units are high-end projects that cater to middle- and higher-income renters. It also predicts says new apartment construction will likely fall year over year between 2025...Read More>>> https://buff.ly/4g48aTd #Insulation #ConstructionNews #MultiFamily #CommercialInsulation #MultiFamilyConstruction #Construction

“Missing middle” refers to smaller-scale, multifamily housing units, where new construction has fallen behind. #HousingMarket #HousingInventory #RealEstateDevelopment https://bit.ly/3xH0K72

"... NMHC 25 Largest Developers Greystar rose from second to first place in 2024 for largest developers. Mill Creek Residential started just over 8,000 units in 2023, rising from third place from second this year. Trammell Crow Residential started 5,823 units last year and has gone from fifth place to third in this year’s ranking. Top Apartment Developers:   Greystar (9,151 units) rose to first, from second Mill Creek Residential Trust LLC (8,022 units) rose to second, from third Trammell Crow Residential (5,823 units) rose to third, from fifth Wood Partners (5,137 units) stayed in fourth Hillpointe, LLC (4,861 units) rose to fifth, from 13th Alliance Residential Company Residential (4,628 units) dropped to sixth, from first The Michaels Organization (4,292 units) took seventh Core Spaces (4,030 units) took eighth Hines (3,670 units) rose to ninth, from 17th D.R. Horton Inc. (3,433 units) stayed in 10th...." (Credit: bdcnetwork.com, Quinn Purcell) . . . #multifamily #multifamilyhousing #multifamilyconstruction #construction #architecture #structuralengineering #BIM #prefabrication #offsiteconstruction #buildingmaterials

Over the past two years, the U.S. multifamily market has seen unprecedented levels of new apartment construction, outpacing demand and raising the national vacancy rate from a low of 4.8% in 2021 to 7.9% in mid-2023. Despite the addition of 1.5 million rental units, only 820,000 absorbed, the market is not overly saturated compared to pre-pandemic levels. To return to a 6.6% vacancy rate seen in late 2019, approximately 280,000 units need to be absorbed. While markets like Austin and Dallas-Fort Worth have notable excess supply, other cities like Chicago, Orange County, and San Jose have managed their supply more effectively, with vacancy rates below pre-pandemic levels due to more conservative construction practices.

The US is poised to reach new heights in apartment construction for the third year in a row, with 2024 expected to set a new record: By the end of the year, developers are on track to complete 518,108 rental units, marking a 9% increase compared to 2023 and a staggering 30% rise from 2022. What’s more, 2024 is the first year in history of US apartment construction in which the number oc completions will surpass the 500,000-unit threshold. The New York metro is leading the charge for the third consecutive year, followed by Dallas and Austin. Notably, the Dallas and Austin metro areas together are expected to welcome roughly 10% of all apartments opened nationwide by the end of December. Looking ahead, 2 million apartments are set to come online by 2028, despite uncertainties in most markets that are causing fewer new projects to start. Furthermore, about 47% of the 369 metros nationwide are likely to build more in the next five years than they did from 2019 to 2023.

The US is poised to reach new heights in apartment construction for the third year in a row, with 2024 expected to set a new record: By the end of the year, developers are on track to complete a staggering 518,108 rental units, marking a 9% increase compared to 2023 and a staggering 30% rise from 2022. 2024 is the first year in the history of US apartment construction in which the number of completions will surpass the 500,000-unit threshold. The New York metro is leading the charge for the third consecutive year, followed by Dallas and Austin. Notably, the Dallas and Austin metro areas together are expected to welcome roughly 10% of all apartments opened nationwide by the end of December. Looking ahead, 2 million apartments are set to come online by 2028, despite uncertainties in most markets that are causing fewer new projects to start. Furthermore, about 47% of metros nationally are likely to build more in the next five years than they did from 2019 to 2023.