Developers are planning to build a lot of new apartment units across the country. But they have not yet overwhelmed the supply pipeline in the markets they are most interested in.
“In the fullest sense, none of these markets are overbuilt,” says Andrew Rybczynski, senior consultant at research firm the Costar Group.
Population is growing quickly in all of the cities where developers are planning to build the most new apartments, according to CoStar data. In addition, development can be a long, slow process. In many of these cities, the number of apartments completed over the last year is much lower than the number of apartments that developers have announced they plan to build.