Just a few weeks ago, RealPage revealed that the multifamily residential market will see the most starts it has seen in nearly 30 years in 2020.
Out of the nation’s 50 largest apartment markets, all but six will have more units completed this year than the last, RealPage said.
The most drastic supply hike is predicted to be in Los Angeles. In 2020, there are an expected 17,600 units coming in the City of Angels, the largest supply it has seen in more than 20 years. It’s also about double the average from the past decade.
This supply is much needed, as occupancy rates in Los Angeles have been at 96% for the past five years. Despite this, rent growth in Los Angeles has fallen to its lowest point since the start of this economic cycle, in 2019.
Washington, D.C. will gain 16,000 units in 2020, about 7,800 more than in 2019. Occupancies are at 96%, while rent growth has been below 2% for the past five years.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.