Multifamily developers continue to churn out record levels of new supply ahead of what is expected to be a 'peak year' for apartment construction in 2016. The number of new apartments under construction is at its highest level since the 1980s, and double the annual historical average seen over the last 34 years.
Almost 205,000 units delivered over the four quarters ending March 31, 2016, a 2% annual increase, including 46,000 units added during the seasonally slow first quarter. With more than 240,000 units expected to deliver across the top 54 U.S. markets this year, CoStar projects 2016 to be the peak year in the current cycle for new apartment construction.
Read more...Apartment Construction Hits 'Peak Year' as Rents, Occupancies Edge Higher - CoStar Group