South Region Contributes Most of Nation’s Record Apartment Supply

While the volume of apartment supply coming from three of the nation’s four major regions has maintained relative consistency over the last decade, even amid a steady increase in overall building, the South region keeps on adding more and more apartment units. Nearly 440,000 apartment units completed across the U.S. in 2023, according to data from RealPage Market Analytics. Of those units, over 245,000 were built in the South. By comparison, less than 95,000 units came online in the West in 2023, and about 61,000 units and 38,000 units were completed in the Midwest and Northeast regions, respectively. Fast forward to now, when 672,000 units are forecasted to deliver in calendar 2024. Of that record rate, nearly 359,000 units are forecasted to complete in the South region in 2024, accounting for about 53% of the nation’s total. In the West, 184,000 units are scheduled in 2024, compared to 67,000 units and 63,000 units in the Midwest and Northeast, respectively.