Multifamily Deliveries Will Top Last Year's Levels By 50%

Under the basic understanding of economics and the relationship between supply and demand, there comes a time when more inventory means less money. Customers can have their pick; competitors come to a point where they start lowering prices. Pricing power gets harder to come by in general.

That’s been happening increasingly in multifamily markets, especially those in the South and West that have seen inflow migration from states and cities in the Northeast and Midwest. And it will only get worse this year, according to RealPage, which is predicting that scheduled multifamily unit completions in 2024 will eclipse the record-breaking levels in 2023.