Annual completion volumes across the nation have been climbing consistently since 2012, and yet the makeup of where the units are delivering has remained consistent over the last nine years. The South region has claimed the lion’s share of new apartment construction, taking at least 50% of total U.S. supply every quarter this cycle. The West has reliably claimed the second largest share of new units every quarter, averaging approximately 25% of total supply. The Midwest and Northeast generally claim about 15% and 10% of total supply each quarter, respectively. Based on that, the South has unsurprisingly swelled the most since this cycle began in 1st quarter 2010, growing its existing unit base by 16.9%, or more than 1 million units. The West has grown by 10.3% this cycle, or about 465,000 units. The Northeast and Midwest have grown total inventory by 9.4% and 9.1%, respectively, accounting for more than 200,000 units each.
