Apartment Supply Continues to Outpace Demand

About 520,000 new apartments will come to market in 2023, pushing the national vacancy rate for rentals higher. The second quarter saw 144,000 new units available and marked the sixth straight quarter of supply outpacing demand, despite higher absorption and an increase in demand. Sun Belt cities like Las Vegas and Austin have the biggest imbalance, with a negative 3.3 percent rent growth, while coastal and some Midwestern markets like Cincinnati are still seeing positive numbers. New development is upward of one million units nationally—the most since the 1970s—which will cause vacancies to rise and rents to fall 0.2 percent.

Source: https://www.orionprop.com/topfive/apartment-supply-continues-to-outpace-demand/