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As of the second quarter, more than 623,500 units were under construction in the 150 largest apartment markets. According to RealPage, this marks the 11th consecutive quarter of apartment construction exceeding 600,000 units. While it’s one of the highest construction numbers on record, it doesn’t reach the more than 690,000 units that were underway in the first quarter of 2020.

“Units currently under construction in the U.S. translate to near-term inventory growth—within the next 18 or so months—of 3.4%,” according to RealPage. “In the coming year, alone, inventory growth is slated for 2.2%, which is up slightly from the prior year’s growth.”

New data from the firm shows that apartment construction volumes are elevated, with a handful of key markets making up the majority of the activity. Thirteen markets, each with more than 15,000 units under construction, account for nearly half of the apartment units underway.

Washington, D.C., comes in at the top of RealPage’s list with nearly 29,500 units underway as of the second quarter. The nation’s capital has been a leader of new supply, with local inventory increasing more than 20% over the past decade. The volume of stock underway is expected to increase the existing stock by another 4.5%.

Los Angeles ranks second, with more than 29,300 units under construction, with that stock anticipated to increase the existing base by 2.6%. Nearly 67,000 units have been delivered to Los Angeles over the past decade.

Dallas, at third, has 28,600 units underway, with an anticipated 4.4% increase to the existing base. This market saw nearly 153,400 new units delivered over the past decade, which was more than other market nationwide, and increased the existing stock by 31.2%.

Coming in at No. 4, the Phoenix market continues to be hot, with nearly 20,100 units to be completed in the next 12 months. According to RealPage, this accounts for the bulk of the nearly 28,600 units under construction, which will boost the inventory base by 7.6%.

Rounding out the top five is Austin, Texas, which has been one of the fastest inventory growth markets nationwide in the past 10 years. More than 27,500 units are underway and set to increase the existing inventory by 10.4%, one of the fastest rates nationwide. The Texas capital saw nearly 76,600 units delivered over the past decade, resulting in an inventory increase of 40.6%, second in the nation behind Charlotte, North Carolina.

RealPage data shows that several smaller markets that will grow their inventory the most in the near term have been leaders in other performance metrics. Those markets with consistent high rent growth and steady demand are Huntsville, Alabama; Boise, Idaho; Reno, Nevada; and Fayetteville, North Carolina. Other markets, like Charleston, South Carolina, and Cape Coral, Florida, have seen strong population growth.