While apartment supply growth is exceeding demand in most markets, due to new supply finally coming online after construction delays during the pandemic. More than 107,400 new units were completed nationwide, approximately. There are a few markets where demand exceeds supply.
Chicagoland had 2,488 apartment units completed and 4,062 absorptions (units that were newly rented). Despite the shortage in supply, Chicago isn’t necessarily a good place to invest. It is famous for extremely high property taxes in the city as well as in all surrounding suburbs.
Virginia Beach (and suburbs) had 208 units completed and 786 absorptions.
San Diego (and suburbs) had 610 units completed and 1,127 absorptions. California is famous for extremely landlord-unfriendly landlord-tenant law and high state income taxes.
Milwaukee (and suburbs) had 466 units completed and 905 absorptions.
San Francisco (and suburbs) had 287 units completed and 660 absorptions.
Seattle (and suburbs) had 1,571 units completed and 1,921 absorptions.
Houston (and suburbs) had a whopping 4,699 units completed but also a huge demand of 5,042 absorptions.
Minneapolis (and suburbs) had 1,760 units completed and 2,098 absorptions.
San Jose (and suburbs) had 395 units completed and 572 absorbed.
Pittsburgh (and suburbs) had 395 units completed and 614 absorbed.
St. Louis (and suburbs) had 369 units completed and 527 absorbed.
Cincinnati (and suburbs) had 1,080 units completed and 1,123 absorbed.
Washington, DC (and suburbs) had 2,879 units completed and 2,909 absorbed.
Las Vegas had 1,007 units completed and 1,023 absorbed.