The multifamily industry had a more challenging than usual year, dealing with both the COVID-19 pandemic and skyrocketing materials prices, but new units continued to be added in markets throughout the country. According to a recent report from real estate services firm CBRE, the nation’s 24 top markets for construction saw a total of 282,500 apartment units completed from the second quarter of 2020 through the end of the first quarter of 2021, an increase of 1.8 percent compared to existing inventory. The notable trend this year has been how many smaller markets in the South and Southwest, including Austin, Texas, Charlotte, N.C. and Nashville, have seen increases to their existing inventories that were significantly above that national average.
Here’s a look at which U.S. markets saw the greatest number of new apartment unit completions over the past 12 months, and how those increases compare to their existing apartment inventory.