By Anca Gagiuc | Multihousing News
Rising inflation and interest rates have softened the amount of incoming multifamily stock in 2022. The record amount delivered in 2021—when 433,838 units were brought online—was always going to be tough to outdo, but few expected the drop-off to be as significant in 2022, which ended with 348,714 units delivered nationally, Yardi Matrix data shows.
By asset class, developers remained focused on the upscale Lifestyle segment, which accounted for 86 percent of units delivered nationally, while 38,591 units were in fully affordable communities.
Drilling down to the top 10 metros by number of units, we noticed that these accounted for 40 percent of deliveries, or 142,900 units. More so, the top three ranks are held by Texas markets—Dallas, Houston and Austin—and Miami with Seattle and Washington, D.C. with Phoenix were virtually on the same rank, with 13,325 and 13,301 units, and 12,357 and 12,355 units, respectively.
