Nashville Tops The Nation In Apartments Under Construction Compared To Existing Stock
No other market has more apartments under construction than Nashville and Charleston, S.C., when considered as a percentage of supply: 9.6% for each market, tying for first place. That is according to a new report by MPF Research, the apartment data tracking arm of RealPage Inc.
Dallas, Charlotte and Denver ranked next by that metric.
Among the top 100 U.S. metros, Nashville posted the second-largest annual inventory expansion rate, with its apartment stock growing nearly 5.8% in Q1 2017 compared with a year earlier, just behind Charlotte at 5.9%. Nashville added 7,476 new units during the last four quarters.
Next in the annual expansion ranking was Columbia, S.C. (4.4%), Austin and Raleigh/Durham (4.1% each) and Houston (3.8%). All of these markets were far ahead of the national apartment inventory growth rate of 1.8% year-over-year in the first quarter, MPF reports.