MARKET SNAPSHOT

Birmingham q1 2026

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AVERAGE RENT

$1,236 Q1 2026

OCCUPANCY RATE

88.2% Q1 2026

NET ABSORPTION

1,169 T4Q

ANNUAL RENT CHANGE

-0.9% Q1 2026

ANNUAL OCCUPANCY CHANGE

-30 BPS

UNIT COMPLETIONS

2,253 T4Q

KEY TAKEAWAYS

Annual absorption of 1,169 units fell short of the 2,253 units delivered over the same period, a gap driven by the cumulative weight of a delivery wave that accelerated sharply over the past year rather than a weakening in underlying renter demand. Additionally, this imbalance is shifting rapidly.

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The active pipeline has contracted 86% over the past four quarters to just 289 units, equal to 0.4% of existing inventory, the lowest level since 2017. In Q1, there were no deliveries yet 327 absorptions, further illustrating a significant market shift in supply-demand dynamics.

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Birmingham's 1.0% quarter-over-quarter gain in Q1 2026 marks the strongest improvement in nearly two years. Average occupancy is still being compressed, but absorption momentum is building against a rapidly thinning supply pipeline.

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MARKET OUTLOOK

Birmingham's supply pipeline has contracted to near-dormancy, with the active inventory representing less than half a percent of the existing base and new starts...

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