Metro areas in the Sunbelt and Mountain states are undergoing intense apartment construction activity as builders try to keep pace with the strong demand in these markets.
A strong and sustained job recovery, years of net domestic in-migration even during the pandemic, and the relative affordability of rental housing in these markets compared to other markets are drawing workers, businesses, and retirees.
The National Apartment of Realtors, using the ratio of apartment units under construction to the number of existing apartment units as an indicator of intensity, found that the most intense apartment construction activity is occurring in the metro areas of Florida, South Carolina, North Carolina, Alabama, Tennessee, Texas, Arizona, Maryland, Colorado and Utah.
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