The multifamily housing supply could increase by up to nearly 7 percent by the end of 2023, stated the latest Multifamily Supply Forecast from Yardi® Matrix.
The third quarter 2023 supply forecast update has increased forecast completions 6.9 percent for 2023 and 6.5 percent for 2024. The near-term forecast was increased this month, as the under-construction pipeline continues to expand and 2023 construction starts to date have not exhibited any signs of a slowdown.
For multifamily markets tracked on or before January 2020, there