Construction Activity is Lacking in These 10 Apartment Markets

While apartment deliveries across the U.S. have been soaring, apartment construction activity has trended downward for nearly two years. Even so, the roughly 654,000 units under construction at the end of 2024 was nearly double the long-term average. But there were 10 markets out of the nation’s 150 largest that had no conventional properties with five or more units underway at the end of the year, according to data from RealPage Market Analytics. Four of those markets were in the South region: Columbus, GA-AL, Jackson, MS and West Texas markets Lubbock and Midland/Odessa. Three Midwest markets had no conventional stock underway at the end of 2024: Champaign-Urbana, IL, Lansing-East Lansing, MI and Youngstown-Warren-Boardman, OH-PA. Wrapping up the list were West region markets Fresno, CA and Urban Honolulu, HI and Northeast market Springfield, MA. The lack of construction activity is notable because many markets across the country saw deliveries peak in 2024, while some are expected to reach peak levels in 2025. Out of the 10 markets without construction underway, four also didn’t see any new deliveries in calendar 2024: Lansing, Midland/Odessa, Urban Honolulu and Youngstown. In fact, during the nation’s supply wave that began in early 2023, Urban Honolulu and Youngstown haven’t seen any new apartments deliver. Only three other markets haven’t delivered supply during the latest supply wave, including Bakersfield, CA, Flint, MI and Shreveport-Bossier City, LA. But those three markets have at least some product currently underway.