Trailing 12-month absorption of 1,805 units fell short of the 2,485 units delivered over the same period, a gap that reflects a delivery wave running well above long-run norms rather than a fundamental softness in renter demand.
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The active pipeline represents 3.6% of existing inventory, with trailing 12-month starts of 2,859 units reflecting renewed developer engagement. New completions have nonetheless declined 32% from the prior four-quarter period, signaling a measurable reduction in near-term pressure.
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Average effective rents are up 0.1% year over year, outperforming the majority of Sun Belt peers, with a 0.9% quarter-over-quarter gain in Q1 2026 marking the strongest sequential reading since Q1 2025 and signaling a return to positive rent momentum after two consecutive quarters of decline.
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MARKET OUTLOOK
Louisville's supply cycle is showing early signs of deceleration. Trailing completions have already declined materially from their prior-year peak...
