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About the
real estate market
In 2023, the U.S. witnessed a surge in apartment supply, reaching the highest levels since 1987, with more than 439,000 units completing construction, according to RealPage. This influx has given renters a plethora of options and significantly decelerated rent growth, with outright apartment rent declines in many markets.
Apartment supply hitting the market in 2024 is set to reach its highest level since 1974
According to the latest forecast from RealPage, a property management software company in the multifamily sector, 671,953 apartment units are projected to be completed in 2024. This would represent the highest level since 1974, the year of President Richard Nixon’s resignation.
Supply expansion rate
Most of the multifamily supply expected to come online this year will be in fast-growing Sun Belt markets, including Nashville, Austin, and Dallas.
The total stock of U.S. apartment units is expected to increase 3.5% in 2024, according to RealPage’s forecast. That would mark the highest annual uptick since 1974, and well above last year’s 2.4% jump.
But the apartment supply surge in 2024 is not expected to carry over into 2025 and 2026.
