The number of new apartments completed in 2024 is predicted to eclipse the record set in 2023 by about 50 percent, with particularly strong gains in the South and West. Nearly 440,000 units were finished nationwide in 2023—a 36-year high for the market—and this year another 670,000 or so will come to market. This means rents will continue to soften now that there’s more competition in the market.
Source: https://www.orionprop.com/topfive/multifamily-deliveries-will-top-last-years-levels-by-50/
