Demand continues to outpace supply, with trailing 12-month absorption of 1,863 units exceeding 1,671 units delivered, supporting the market's transition from supply-driven softness toward stabilization.
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The construction pipeline has contracted sharply, with trailing 12-month starts at 0 units, down from 1,018 one year ago, and just 289 units remaining under construction (0.4% of inventory), signaling a favorable supply environment ahead.
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Rents have stabilized at $1,229 per unit (0.3% YoY), building on steady quarterly growth, while occupancy of 88.9% remains below historical norms but is trending higher with 60 bps of annual improvement.
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MARKET OUTLOOK
Birmingham enters the second half of 2026 well past the peak of its supply cycle, with construction starts and the active pipeline both near historic lows...
