Texas markets will be ripe with new units as three cities lead the country in most units under construction.
However, the Washington, D.C. metro area is at the top of the list with more than 23,700 units under construction, according to the list put together by REIS, Peirce Eislen and Jones Lang LaSalle.
The D.C. area is projected to have the most completions this year, according to a separate list compiled by MPF Research. While some believe D.C. is at risk of overbuilding, having seen negative rent growth in 2013, others believe that the metro’s job prospects more than offset its growing pipeline of new communities.
Other notable areas seeing a glut of cranes in the skyline include Sun Belt markets such as South Florida and Atlanta.
Top 10 Metros With Most Units Under Construction
1. Washington, D.C.: 23,721
2. Dallas: 21,847
3. Houston: 21,359
4. LA: 13,660
5. San Francisco: 13,263
6. Austin: 12,835
7. South Florida: 12,087
8. Denver: 11,556
9. Raleigh: 10,681
10. Atlanta: 10,201
Lindsay Machak is an Associate Editor for Multifamily Executive. Connect with her on Twitter @LMachak.
