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Real Estate

U.S. Apartment Construction Remains Substantial, Despite 2020

Source: https://www.realpage.com/analytics/u-s-apartment-construction-remains-substantial-despite-2020/

After nearly a year of struggle for the U.S. economy and apartment market during the COVID-19 pandemic, apartment construction activity remains elevated.

As of 3rd quarter, more than 591,000 units were under way across the nation. This was one of the strongest volumes from the past decade but – not surprisingly – was off from the multi-decade highs seen back in 2019.

Apartment demand in 2020 wasn’t that far off from what was seen in previous years. In fact, prime leasing season wrapped up with a burst of demand, mainly in the Sun Belt markets.

Occupancy faltered in the worst months of the pandemic but has recovered at least some lost ground. The one weak spot has been price positioning, which seems to be split between the expensive gateway markets, which are cutting rents steeply, and smaller markets that have seen limited new supply volumes in the past 10 years.

To learn more about the data behind this article and what RealPage has to offer, visit https://www.realpage.com/.

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Retailers make critical decisions every day whilst in the dark. They do not have answers to seemingly simple questions: Who visits my store? Where do they live, or work? What other locations do they frequent? What’s my churn rate? Where do those lost customers go? What are my competitors up to? And ultimately, how should I deploy my limited resources to grow my business?

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Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.

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Placer

Placer.ai provides retailers with actionable location-based insights into their audience and competition. With unprecedented visibility into humanity-in-action, every retailer can be brilliant at running their business.

Retailers make critical decisions every day whilst in the dark. They do not have answers to seemingly simple questions: Who visits my store? Where do they live, or work? What other locations do they frequent? What’s my churn rate? Where do those lost customers go? What are my competitors up to? And ultimately, how should I deploy my limited resources to grow my business?

Placer.ai provides instant access to location insights derived from the foot traffic of millions of consumers, delivering visibility into offline behavior. We shed light into churn, trade areas, untapped audiences, out-of-store behavior, and competitive benchmarking.