Apartment Supply Wave
Since the Great Financial Crisis, the U.S. housing market has faced a shortage. This has contributed to apartment occupancy consistently rising over the years.
Apartment builders ramped up activity to fill the housing gap, leading to more than half a million units scheduled to come online in 2023. With an increase of more than 64.3% from last year, 2023 would set a record for annual deliveries in the 21st century.