NATIONAL CONSTRUCTION PIPELINE

QUARTER 1 - 2023

The national occupancy rate in Q1 2023 was 94.8%, with an annual occupancy change of –2.7%. During the last quarter, 95,237 units were completed, but only 19,243 units were absorbed. The average effective rent across the US was $1,782, representing a 4.5% increase. In the labor market, over the last 12 month, the US saw total employment grow by 2.8%, with 2,960,300 jobs added.

MARKET SNAPSHOT

Existing Units

0 %

Occupancy

Completed Units

$ 0

Average Rent

0 %

Rent Increase

Jobs Added

0 %

Employment Growth

Construction Pipeline

Pre-Planned

2,064,095 Units

Planned

328,774 Units

Under Construction

1,006,769 Units

Lease-Up

215,132 Units

Building Style

517,062

Garden-style
Units Under Construction

596,243

Mid-rise / Hi-rise
Units Under Construction

Demand v Completion

Demand

1Q23

19,243
ANNUAL

95,237

Completion

1Q23

-177,218
ANNUAL

358,088

Submarket Breakdown

Northeast

Annual Demand	Annual Supply	Occupancy
-10,361	35,171	96.2%

Midwest

Annual Demand	Annual Supply	Occupancy
-31,857	47,073	95.3%

South

Annual Demand	Annual Supply	Occupancy
-76,547	190,147	94.0%

West

Annual Demand	Annual Supply	Occupancy
-58,454	85,697	95.0%

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