Record number of new rental units expected to cause declines in the apartment market

A plunge in rental project starts and softening rents are expected to be part of the year ahead for apartments.As apartment builders churn out a record number of new rental units, the industry is bracing for declines next year. “We are delivering more new multifamily units than at any time since the 1970s,” with a total of about 400,000 U.S. apartments added this year, said John S. Sebree, senior vice president with commercial property firm Marcus & Millichap.

“In 2024, the number of units we are going to deliver is a 41% increase over the six-year average.”Dallas-Fort Worth is at the top of the list with an estimated 26,000 units opening their doors this year, Sebree said. “There is going to be a little bit of softness over the next couple of years as we deliver these units.”“You guys like to build,” Sebree said at an apartment forecast conference this week in Dallas sponsored by Marcus & Millichap and Institutional Property Advisors.“Vacancies are going to be going up,” he said. “But none of these markets really cause a lot of concern long ter

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