The booming apartment supply has been making a dent in rent growth this year, and Yardi Matrix expects that to continue longer than originally expected. It raised its supply forecast for 2023 and 2024 in a report this week.
The Q3 2023 supply forecast update has increased forecast completions by 6.9% for 2023 and 6.5% for 2024.
It also increased forecast completions for 2025 by 3.1% to 424,899 units.
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