Multifamily is back, baby. In 2020, the multifamily market is expected to set a 30-year record for new supply in the top 150 apartment markets. Builders will add a projected 370,000 units nationally this year, according to a report by RealPage. Experts forecast that both large and small markets will have a stellar year even amid the ongoing labor shortage. As an added bonus, the new multifamily units will also provide some relief to the lack of housing inventory plaguing the industry.
After the housing market inventory decreased across the board last year, the multifamily market is projected to rebound in 2020.
According to a new report from RealPage, this year will see a nearly 30-year record for new supply in the nation’s 150 largest apartment markets. Over 370,000 units are projected to enter the multifamily market in 2020.
In seven out of the nation’s 100 smaller apartment markets, which have between 22,000 and 100,000 units, new supply is expected to increase by more than 1,000 units over 2019’s volume.
Despite Yardi Matrix saying the labor shortages will also impact multifamily housing as it has single-family housing, markets of all sizes are anticipated to grow.
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