Top Markets with Highest Number of Apartment Completions in 2018

Source: http://housingwire.com

CBRE report shows top 20 markets for apartment completions

The top three markets for multifamily construction all saw more than 20,000 units completed in 2018.

Coming in at No. 1 on the list of the markets where the most apartments were built last year was the New York metro area, where there were 32,300 new units constructed in 2018. And there’s a pretty significant gap between first and second place.

Second on the list was Dallas-Fort Worth, where there were 20,500 units completed. Third on the list and just barely behind DFW was the Los Angeles area, where there were 20,000 units completed.

After Los Angeles, there’s another significant drop before you get to the fourth metro area on the list, Seattle where there were 14,400 units completed in 2018.

Fifth on the list was Washington, D.C., where there were 13,600 apartments built last year, followed by Denver with 11,700 units completed, Boston with 9,700 units built, and Miami, where 9,500 units were completed.

Those eight markets make up nearly half of all the units completed in 2018.

Here’s the full list of the top 20 markets the most apartments were built last year:

1. New York Metro – 32,300 units completed
2. Dallas/Ft. Worth – 20,500 units completed
3. Los Angeles/Southern California – 20,000 units completed
4. Seattle – 14,400 units completed
5. Washington, D.C. – 13,600 units completed
6. Denver – 11,700 units completed
7. Boston – 9,700 units completed
8. Miami/South Florida – 9,500 units completed
9. San Francisco Bay Area – 9,300 units completed
10. Chicago – 8,900 units completed
11. Orlando – 7,700 units completed
12. Austin – 7,400 units completed
13. Charlotte – 7,000 units completed
14. Atlanta – 6,900 units completed
15. San Antonio – 6,800 units completed
16. Phoenix – 6,400 units completed
17. Minneapolis – 6,300 units completed
18. Tampa – 6,100 units completed
19. Nashville – 5,900 units completed
20. Portland – 4,900 units completed

According to CBRE’s report, based on recent data on multifamily construction starts and under construction totals, multifamily construction is expected to remain elevated near 2018’s figures through the first half of 2020, at least.