Small Cities Near Major Markets Deliver Record Apartment Deliveries

Apartment supply has been prolific of late, no matter how you look at the data. Among the 150 largest apartment markets tracked by RealPage, 28% (42 markets) reported their highest ever annual supply volumes in 1st quarter 2024. Among those locales are both major and minor markets spanning the nation, and several of these record supply markets have something in common. That is, they’re proximate – and, in many cases, within commuting distance – to a major market. As workers go into their offices less frequently or not at all, smaller locales nearby bustling cities increase in renter popularity. In fact, several medium or small metros that delivered all-time high apartment supply in the last year are within an hour or so drive of much larger markets. For example, developers delivered over 3,200 units in the year-ending 1st quarter in the small beach town of Port St. Lucie/Sebastian/Vero Beach, according to data from RealPage Market Analytics. That’s easily an all-time high for this small town that sits just north of the South Florida trio of markets (West Palm Beach, Fort Lauderdale and Miami). Manchester/Nashua/Concord and Worcester, both about 50 miles from Boston, also logged their highest-ever supply loads over the last year.