According to Marcus & Millichap, the number of multifamily completions forecast for 2017 is the highest since the 1980s, but remains concentrated in a few markets. About 45 percent of planned projects are in the top 10 markets.
TOP 10 MULTIFAMILY CONSTRUCTION MARKETS 2017
1. NEW YORK CITY | Absorption: 19,500 | Supply: 29,700
2. DALLAS-FORT WORTH | Absorption: 20,200 | Supply: 28,200
3. HOUSTON | Absorption: 15,000 | Supply: 18,300
4. WASHINGTON, D.C. | Absorption: 12,100 | Supply: 15,700
5. SOUTH FLORIDA | Absorption: 13,400 | Supply:15,200
6. SEATTLE | Absorption: 8,600 | Supply: 13,200
7. BAY AREA | Absorption: 10,800 | Supply: 12,100
8. ATLANTA | Absorption: 12,400 | Supply: 12,000
9. DENVER | Absorption: 8,200 | Supply: 11,900
10. LOS ANGELES | Absorption: 13,900 | Supply: 10,900
UNITED STATES | Absorption: 324,500 | Supply: 371,000
source: Marcus & Millichap
