In its latest report, the Census Bureau estimates that annualized starts of structures with five or more units stood at 445,000 in October, up 28.2% over the same month a year earlier. However, multifamily permits were only 5.8% higher.
Could the long-predicted slowdown in the multifamily boom finally be happening? The market researcher Axiometrics looked at its identified supply data and concludes that multifamily deliveries could peak by mid-year 2017.
Over the next three quarters, though, this market sector should thrive. Axiometrics expects deliveries to grow by more than 10%, to 91,957, in the fourth quarter of 2016, then recede a bit to 91,721 in the first quarter of 2017 (which would still be nearly 49% more than 1Q 2016), and then jump to 102,617 deliveries in 2Q 2017.
Axiometrics estimates that a total of 343,582 apartment units will come onto the market in 2017, 55.7% of which in the first half of the year.
New York is expected to lead the nation in new apartment deliveries next year, with 27,210, representing an 88% leap over 2016. Axiometrics points out, though, that New York’s delivery schedule “is a telling example of how construction delays have affected the apartment market.” Those delays are, in part, the result of an ongoing construction labor shortage that is expected to continue for at least the next year. New York’s apartment deliveries are expected to fall precipitously in 2018, to 13,312.
Following New York in projected apartment deliveries next year are Dallas (up 36.0% to 23,821), Houston (down 21.2% to 17,313), Atlanta (up 38.8% to 13,210), and Washington, D.C. (up 33.7% to 13,141). All of these metros are expected to see deliveries plummet in 2018. Houston is expected to deliver just 956 new apartment units that year.
CHART: APARTMENT DELIVERIES BY YEAR
Related Stories
| Sep 13, 2010
Richmond living/learning complex targets LEED Silver
The 162,000-sf living/learning complex includes a residence hall with 122 units for 459 students with a study center on the ground level and communal and study spaces on each of the residential levels. The project is targeting LEED Silver.
| Sep 13, 2010
Committed to the Core
How a forward-looking city government, a growth-minded university, a developer with vision, and a determined Building Team are breathing life into downtown Phoenix.
| Aug 11, 2010
Brown Craig Turner opens senior living studio
Baltimore-based architecture and design firm Brown Craig Turner has significantly expanded its housing design capabilities and expertise with the launch of its new senior living studio.
| Aug 11, 2010
CTBUH changes height criteria; Burj Dubai height increases, others decrease
The Council on Tall Buildings and Urban Habitat (CTBUH)—the international body that arbitrates on tall building height and determines the title of “The World’s Tallest Building”—has announced a change to its height criteria, as a reflection of recent developments with several super-tall buildings.
| Aug 11, 2010
Morphosis builds 'floating' house for Brad Pitt's Make It Right New Orleans foundation
Morphosis Architects, under the direction of renowned architect and UCLA professor Thom Mayne, has completed the first floating house permitted in the U.S. for Brad Pitt’s Make It Right Foundation in New Orleans.The FLOAT House is a new model for flood-safe, affordable, and sustainable housing that is designed to float securely with rising water levels.
| Aug 11, 2010
Bovis Lend Lease, Webcor among nation's largest multifamily contractors, according to BD+C's Giants 300 report
A ranking of the Top 50 Multifamily Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Looney Ricks Kiss Architects wins industry honors for mixed-use, multifamily, and residential designs
Looney Ricks Kiss Architects won four Aurora Awards for its architectural designs during the recent Southeast Building Conference in Orlando, including a Grand Aurora Award for a Mixed Use Multi Family community located in the West Village area of Dallas.
| Aug 11, 2010
Jacobs, Arup, AECOM top BD+C's ranking of the nation's 75 largest international design firms
A ranking of the Top 75 International Design Firms based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
See what $3,000 a month will get you at Chicago’s Aqua Tower
Magellan Development Group has opened three display models for the rental portion of Chicago’s highly anticipated Aqua Tower, designed by Jeanne Gang. Lease rates range from $1,498 for a studio to $3,111 for a two-bedroom unit with lake views.
