While apartment supply volumes hit a new record in many spots throughout the nation recently, the West region has seen more muted growth. Leading up to the COVID-19 pandemic, the U.S. and the West region were essentially matched in inventory growth rates, with both averaging just under the 4% mark. This equivalence changed in 2022, when new apartment deliveries ramped up nationwide, especially across the Sun Belt. While the West region also saw an increase in inventory growth at that time, the pace of the hike was not as extreme. Annual inventory growth peaked at 5.9% in the U.S. in 1st quarter 2023, while the concurrent peak for the West region was a bit softer at 5.3%. Both growth rates have come down since. In the year-ending 1st quarter 2024, the U.S. increase was 4.9%, while the West region growth was more muted – but still solid by historical terms – at 4.5%.
For more information on the state of apartment markets in the West region, including forecasts, watch the webcast Market Intelligence: Q2 West Coast Update.
