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About 577,000 units were added to the market over the past 12 months.
Dallas, Atlanta, Nashville, Phoenix and Austin have the largest pipelines.
This year’s wall of maturities is expected to drive demand for refinancing and new capital.
The national vacancy rate was 7.1% for rental properties, while the homeownership vacancy rate stood at just 1.1%.
The most in-demand metros are near economic hubs and boast a lower cost of living.
Although the pipeline has declined, it still contains a large inventory for the next two years.
New supply is expected to align more closely with demand, leading to a peak in vacancy rates.
Buyers in 233 cities confront the reality of the $1 million base price.
Its precipitous decline reflects growing concerns over recent trade policies.
Meanwhile, convenience store cap rates are up seven basis points quarter-over-quarter.