Phoenix New Apartment Supply Stays Under Check - For Now
A new report by MPF Research looks at some of the hottest markets for new apartment construction.
Per the report, Charlotte and Nashville topped the nation in the number of new units added in 2016 as a percentage of existing inventory with both cities adding about 6% of their existing inventories. Five Texas cities - Austin, Houston, San Antonio, Corpus Christi, and Dallas made it to the list of top-10 cities (11 cities, 2 ties).
Nashville also topped the construction pipeline ranking with new units under construction at the end of Q1 2017 representing about 10% of its existing inventory tieing with Charleston, SC. Dallas, Charlotte, and Denver/Boulder followed Nashville and Charleston as the top-5 cities for new units under construction as a percentage of existing inventory.
Dallas/Fort Worth, in fact, recorded a 96% year-over-year increase in year-to-date multifamily permit volumes.
Phoenix, AZ another hot apartment market with strong demographic drivers failed to make it on either list as new supply stayed muted compared to the cities on the list suggesting a more favorable market dynamic for existing property owners.
The report findings can be accessed here.
