About 624,000 apartments are under construction across the 150 largest metros in the U.S., with those additions set to expand the nation's existing stock by 3.4%.
Building activity is aggressive in some locations. For example, product on the way will boost inventories by 10% to 11% in Nashville and Austin. That's quite a bit of future product to digest, even with product absorption at the newest developments occurring at healthy rates.
Some other locations register much more modest blocks of building, even with high occupancy and robust rent growth posted for existing properties. Here are a few spots where the market performance stats point to the need for at least some additional development starts in the immediate future.
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