Apartment construction activity currently under way is set to swell a handful of markets by a significant margin. In the U.S. overall, apartments currently under construction are slated to grow the nation’s existing inventory base by 3.2% in the near term. That growth pace is nearly tripled in Nashville, where a little over 14,000 units under way are slated to expand the existing base by 8.8%. This is a bit ahead of the market’s already elevated growth levels from the past five years. Roughly 8,500 units are under way in Salt Lake City, where the inventory is expected to increase by 7.6%. This is one of the biggest inventory growth rates the market has seen in two decades. In Austin, roughly 18,700 units are under way, set to grow the inventory base by 7.2%, right on par with the average inventory growth from the past five years, but well ahead of the market’s long-term norm. About 13,700 units under way in Charlotte and 24,700 apartments rising in Phoenix are expected to grow each market’s inventory base by just under 7% in the near term. This growth pace is a little behind the typical volumes seen in Charlotte over the past five years, while the expected increase in Phoenix marks a two-decade high.
