Nation-Leading Apartment Supply Coming Online in Florida

Florida is one of the fastest growing apartment regions nationwide. Roughly 66,000 new apartment units delivered in the Sunshine State in the year-ending 1st quarter 2024. That total accounted for more than 13% of all U.S. supply in that time frame. In fact, among states, only Texas gained more apartment supply last year. Within Florida, deliveries grew the local housing stock by nearly 4%, the third-fastest rate of expansion among any region classified by RealPage. The Carolinas expanded by 4.7%, the biggest expansion nationwide, followed by the Mountains/Desert region, which grew by 4%. Within Florida, Orlando was the state’s supply leader, adding over 12,900 units in the year-ending 1st quarter. Tampa and Jacksonville logged completions of over 8,000 units each in the past year, while Miami was close to that with over 7,800 units added.