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From the end of Qtr 2 (June 30th) 2022, until June 30th of 2023, the US had 351,500 completions of multifamily units. Below are totals of the top 20 markets. Notably Dallas and Fort Worth are split into two markets by CBRE, and together would combine to 2nd overall.
Multi family units completed 2022-2023:
New York- 27,400
Washington DC- 17,300
Dallas- 17,000
Orlando- 14,000
Phoenix- 13,700
Austin- 13,500
Minneapolis- 13,400
Houston- 13,300
Los Angeles- 13,200
Denver- 11,100
Seattle- 11,100
Atlanta- 10,200
Nashville- 10,100
Charlotte- 9,800
Boston- 8,800
Miami- 8,500
Philadelphia- 8,300
Tampa- 7,600
San Antonio- 7,100
Fort Worth- 6,900
And here's the markets in Qtr 2 2023 with the most net positive absorption in numeric order. The US saw a total of 70,200 multifamily units absorbed over that quarter:
From the end of Qtr 2 (June 30th) 2022, until June 30th of 2023, the US had 351,500 completions of multifamily units. Below are totals of the top 20 markets. Notably Dallas and Fort Worth are split into two markets by CBRE, and together would combine to 2nd overall.
New York- 27,400
Washington DC- 17,300
Dallas- 17,000
Orlando- 14,000
Phoenix- 13,700
Austin- 13,500
Minneapolis- 13,400
Houston- 13,300
Los Angeles- 13,200
Denver- 11,100
Seattle- 11,100
Atlanta- 10,200
Nashville- 10,100
Charlotte- 9,800
Boston- 8,800
Miami- 8,500
Philadelphia- 8,300
Tampa- 7,600
San Antonio- 7,100
Fort Worth- 6,900
And here's the markets in Qtr 2 2023 with the most net positive absorption in numeric order. The US saw a total of 70,200 multifamily units absorbed over this period:
Stupid question, why is Chicago #1 with 4,607 for 2023 but not on the first list? Does the second list show just the most recent quarter where the first list shows the absorption over one year? Do i have this correct?
Location: That star on your map in the middle of the East Coast, DMV
8,128 posts, read 7,558,075 times
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Quote:
Originally Posted by masssachoicetts
Stupid question, why is Chicago #1 with 4,607 for 2023 but not on the first list? Does the second list show just the most recent quarter where the first list shows the absorption over one year? Do i have this correct?
Correct the second list is just from Qtr 2 2023.
The first list is total multi family completed units from June 30th 22' through June 30th 23'. The full list of 20 does not show Chicago's total amount of multi-family units completed since it's outside the top 20. But the absorption rate (at least in Qtr 2 of this year) is showing strong demand. There also could be units being "absorbed" from prior quarters that Chicago may have already completed and those units that are now being absorbed.
This seems to be rentals, not all multifamily. The CRE investment market views condos as a separate thing because they can't buy and sell condo buildings.
Actually my city, Seattle, ranks worse if you also consider condos. We don't build many. Liability laws are too onerous.
Developers, contractors, and architects consider condos to be more closely related of course.
With Raleigh-Durham poking into the rolling 4 quarter investment, expect it start making its appearance on the other list as well. There's a lot in the pipeline.
Location: That star on your map in the middle of the East Coast, DMV
8,128 posts, read 7,558,075 times
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Quote:
Originally Posted by mhays25
This seems to be rentals, not all multifamily. The CRE investment market views condos as a separate thing because they can't buy and sell condo buildings.
Actually my city, Seattle, ranks worse if you also consider condos. We don't build many. Liability laws are too onerous.
Developers, contractors, and architects consider condos to be more closely related of course.
You would be correct. That could have been added to the thread title. These are based on rental units. Thanks for pointing that out.
And I think it’s gonna be reminiscent of New England cities with 3-6 unit buildings spread throughout the city vs the Seattle or model of a very dense core ~4sq miles followed by mostly SFH neighborhoods
And I think it’s gonna be reminiscent of New England cities with 3-6 unit buildings spread throughout the city vs the Seattle or model of a very dense core ~4sq miles followed by mostly SFH neighborhoods
This is exactly what's happening. Minneapolis is nowhere near as core focused as Seattle is.
Seattle and Minneapolis are similar in that regard. Seattle's density goes to about two dozen nodes, many outside the core. Same with the suburbs which have dozens more. The U District, Ballard, Green Lake, Roosevelt, and West Seattle Junction are some of the bigger ones inside the city limits, each in the four figures in new multifamily units.
Also Seattle has allowed typically two accessory units along with each house for a couple years, resulting in nearly 1,000 new permitted AHUs last year. In 2022, the state superceded this by allowing four or six units on most house lots in urban areas statewide.
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