Multifamily growth is modest
Key Takeaways
- 477 units were completed over the past year
- 319 units will deliver in 2022
- Rental rates continue to increase quarter-over-quarter
Over the past year, there have been 477 units completed. Annual inventory growth averaged 1.3% over the past five years. Most of the construction was concentrated within the Central and East submarkets. Due to affordable single-tenant housing, growth is expected to be slower through year-end with only 319 units currently under construction. Rental rates have increased by over 10% in the past year and will likely increase with ongoing steady demand.
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